NRS 693A.220
Mutual insurers: Contingent liability of members.

1.

Except as otherwise provided in NRS 693A.250 with respect to nonassessable policies, each member of a domestic mutual insurer shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations incurred while such member was a policyholder of the insurer, which contingent liability shall be in such maximum amount, not less than one nor more than six times the premium for the member’s policy at the annual premium rate, as shall be specified in the insurer’s articles of incorporation.

2.

Every policy issued by the insurer shall contain a statement of the contingent liability.

3.

Termination of the policy of any such member shall not relieve the member of contingent liability for the member’s proportion of the obligations of the insurer which accrued while the policy was in force.

4.

Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.

Source: Section 693A.220 — Mutual insurers: Contingent liability of members., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec220.

693A.010
Scope. 693A.020
Applicability of statutes relating to corporations. 693A.030
Domestic insurer prohibited from engaging in other business 693A.040
Principal offices. 693A.050
Books, records, documents, accounts and vouchers. 693A.060
Assets to be kept in State 693A.070
Removal or concealment of records or assets. 693A.080
Information to stockholders and regulation of proxies: Scope of provisions. 693A.090
Information to stockholders and regulation of proxies: Information in advance of meetings. 693A.100
Information to stockholders and regulation of proxies: Solicitation and form of proxies. 693A.110
Management and agency contracts 693A.120
Prohibited pecuniary interest of officers 693A.130
Liability of officers and others for paying taxes, licenses and fees. 693A.140
Dividends to stockholders. 693A.150
Participating policies. 693A.160
Dividends to policyholders. 693A.170
Purchase of own shares by stock insurer. 693A.180
Borrowing. 693A.190
Mutual insurers: Additional kinds of insurance. 693A.200
Mutual insurers: Membership. 693A.210
Mutual insurers: Bylaws. 693A.220
Mutual insurers: Contingent liability of members. 693A.230
Mutual insurers: Levy of contingent liability. 693A.240
Mutual insurers: Enforcement of contingent liability. 693A.250
Mutual insurers: Nonassessable policies 693A.260
Impairment of capital, surplus or assets: Notice 693A.270
Impairment of capital, surplus or assets: Curing deficiency 693A.280
Impairment of capital, surplus or assets: Violation of restrictions 693A.290
Mutualization of stock insurer. 693A.300
Conversion to ordinary business corporation. 693A.310
Affiliation of stock insurers. 693A.320
Acquisition of controlling stock. 693A.330
Merger or consolidation of stock insurers. 693A.340
Preservation of old charter in merger or consolidation. 693A.350
Merger or consolidation of mutual insurers. 693A.365
Assumption of reinsurance: Limitations 693A.370
Bulk reinsurance: Limitation 693A.380
Bulk reinsurance: Certificate of fees and commissions 693A.390
Member’s share of assets on liquidation.
Last Updated

Jun. 24, 2021

§ 693A.220’s source at nv​.us