NRS 693A.390
Member’s share of assets on liquidation.

1.

Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration shall be distributed to currently existing persons who had been members of the insurer for at least 1 year and who were its members at any time within 36 months next preceding the date such liquidation was authorized or ordered, or the date of the last termination of the insurer’s certificate of authority whichever date is the earlier; but if the Commissioner has reason to believe that those in charge of the management of the insurer have caused or encouraged the reduction of the number of members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in the distribution of the insurer’s assets, the Commissioner may enlarge the 36-month qualification period as the Commissioner may deem to be reasonable.

2.

The insurer shall make a reasonable classification of its policies so held by such members, and a formula based upon such classification for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the Commissioner.
CONVERSION OF MUTUAL INTO STOCK INSURER

Source: Section 693A.390 — Member’s share of assets on liquidation., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec390 (accessed May 26, 2025).

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.

May 26, 2025

§ 693A.390. Member’s share of assets on liquidation.'s source at nv​.us