NRS 693A.495
Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion.

1.

No director, officer, employee or agent of the converting mutual, or any other person, may receive any fee, commission or other valuable consideration, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of conversion except as set forth in the plan of conversion approved by the Commissioner.

2.

Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of conversion and approved by the Commissioner to be adopted upon conversion to the new stock insurer or prohibit such a program to be adopted later by the new stock insurer.

3.

Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and investment bankers for services performed in the independent practice of their professions if the person is also a member of the board of directors of the converting mutual.

Source: Section 693A.495 — Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec495.

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.495’s source at nv​.us