NRS 696B.440
Offsets.

1.

Except as provided in subsection 2, in all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be setoff and the balance only shall be allowed or paid.

2.

No offset shall be allowed in favor of any such person where:

(a)

The obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise, as provided in NRS 696B.400, entitle him or her to share as a claimant in the assets of the insurer;

(b)

The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset; or

(c)

The obligation of such person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.

Source: Section 696B.440 — Offsets., https://www.­leg.­state.­nv.­us/NRS/NRS-696B.­html#NRS696BSec440.

696B.010
Short title. 696B.020
Applicability of chapter. 696B.030
Definitions. 696B.040
“Ancillary state” defined. 696B.050
“Creditor” defined. 696B.060
“Delinquency proceeding” defined. 696B.070
“Domiciliary state” defined. 696B.080
“Foreign country” defined. 696B.090
“General assets” defined. 696B.100
“Impairment” defined. 696B.110
“Insolvency” defined. 696B.120
“Insurer” defined. 696B.130
“Preferred claim” defined. 696B.140
“Receiver” defined. 696B.150
“Reciprocal state” defined. 696B.160
“Secured claim” defined. 696B.170
“Special deposit claim” defined. 696B.180
“State” defined. 696B.190
Jurisdiction of delinquency proceedings 696B.200
Jurisdiction over related persons and transactions 696B.210
Grounds for conservation or rehabilitation of domestic insurer or domiciled alien insurer. 696B.220
Grounds for liquidation of domestic insurer or domiciled alien insurer. 696B.230
Grounds for conservation: Foreign and alien insurers. 696B.240
Grounds for ancillary liquidation: Foreign and alien insurers. 696B.250
Commencement of proceeding. 696B.255
Commissioner as receiver, rehabilitator or liquidator authorized to appoint special deputies and advisory committee. 696B.260
Service of process. 696B.270
Injunctions. 696B.280
Uniform Insurers Liquidation Act and Insurer Receivership Model Act: Composition 696B.290
Conduct of delinquency proceedings against domestic insurers and certain alien insurers. 696B.300
Conduct of delinquency proceedings against foreign insurers. 696B.310
Claims of nonresidents against domestic insurers. 696B.320
Claims against foreign insurers. 696B.330
Form of claim 696B.332
Reporting and filing requirements of receiver 696B.334
Reporting and filing requirements of guaranty association 696B.340
Attachment and garnishment of assets 696B.350
Limitations on appointment of receiver 696B.360
Deposit of money. 696B.370
Exemption from fees. 696B.380
Borrowing on pledge of assets. 696B.390
Termination of conservation or rehabilitation. 696B.400
Date rights fixed on liquidation. 696B.410
Prohibited and voidable transfers and liens. 696B.412
Recovery by receiver of certain distributions on capital stock and payments to directors, officers and employees 696B.415
Disbursements to insurance guaranty associations 696B.420
Order of distribution of claims from estate of insurer on liquidation. 696B.430
Subordination of claims for failure to cooperate. 696B.440
Offsets. 696B.450
Allowance of certain claims. 696B.460
Time to file claims. 696B.470
Report and petition for assessment. 696B.480
Order and levy of assessment. 696B.490
Assessment prima facie correct 696B.500
Summary proceedings: Commissioner’s corrective orders authorized. 696B.510
Summary proceedings: Appeal from Commissioner’s order. 696B.520
Summary proceedings: Enforcement 696B.530
Summary proceedings: Seizure under court order. 696B.540
Summary proceedings: Seizure under Commissioner’s order. 696B.550
Summary proceedings: Conduct of administrative and judicial hearings. 696B.560
Summary proceedings: Penalty for refusal to deliver property and records. 696B.565
Officers, agents, employees and attorneys of Division: Immunity from liability 696B.570
Federal receivership.
Last Updated

Feb. 5, 2021

§ 696B.440’s source at nv​.us