NRS 693A.470
Issuance and notice of final order approving application

  • issuance and effect of certificate of authority.

1.

The Commissioner shall:

(a)

Enter a final order approving the application to convert to a stock insurer within 10 days after receiving a valid certification from the converting mutual setting forth the vote and certifying that the plan of conversion was approved by not less than two-thirds of the policyholders voting in person or by proxy on the plan of conversion; and

(b)

Publish notification of the issuance of the final order in a newspaper of general circulation in Carson City and in the county of domicile of the converting mutual if different from Carson City.

2.

Except as otherwise provided in NRS 693A.465, the Commissioner shall issue a certificate of authority to the new stock insurer when the converting mutual files a certificate with the Commissioner stating that all the conditions set forth in the plan of conversion have been satisfied.

3.

The conversion is effective upon the issuance of the certificate of authority by the Commissioner.

4.

Upon issuance of the certificate of authority, the articles of incorporation of the insurer shall be deemed to be amended in compliance with NRS 692B.030.

Source: Section 693A.470 — Issuance and notice of final order approving application; issuance and effect of certificate of authority., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec470.

693A.400
Definitions. 693A.405
“Closed block” defined. 693A.410
“Consideration” defined. 693A.415
“Converting mutual” defined. 693A.420
“Eligible member” defined. 693A.425
“New stock insurer” defined. 693A.430
“Policyholder” defined. 693A.435
Procedure for conversion. 693A.440
Resolution by board of directors 693A.445
Application for conversion: Filing and contents 693A.450
Public hearing on application. 693A.455
Action by Commissioner on application. 693A.460
Meeting and vote of policyholders 693A.465
Abandonment of plan of conversion. 693A.470
Issuance and notice of final order approving application 693A.475
Authority of Commissioner to engage services of experts 693A.480
Confidentiality and publication of pertinent information and documents. 693A.485
Continuation of corporate existence of converting mutual. 693A.490
Purchase of stock by directors, officers, employees, agents or trustees. 693A.495
Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion. 693A.500
Offers to acquire and acquisition of voting securities of new stock insurer or institution that owns majority of voting securities of new stock insurer. 693A.505
Unlawful acquisition of securities: Voting of securities prohibited 693A.510
Unlawful acquisition of securities: Seizure or sequestration of securities. 693A.515
Unlawful acquisition of securities: Imposition of administrative penalty for violation. 693A.520
Unlawful acquisition of securities: Imposition of administrative penalty against director, officer or agent. 693A.525
Unlawful acquisition of securities: Orders by Commissioner. 693A.530
Regulations and orders of Commissioner. 693A.535
Judicial review of final order of Commissioner. 693A.540
Enforcement of provisions by Commissioner.
Last Updated

Feb. 5, 2021

§ 693A.470’s source at nv​.us