NRS 696B.530
Summary proceedings: Seizure under court order.


1.

Upon filing by the Commissioner in any district court of this state of his or her verified petition alleging any ground for a formal delinquency proceeding against an insurer under this chapter and that the interests of the insurer’s policyholders or creditors or the public will be jeopardized by delay, and setting forth the order deemed necessary by the Commissioner, the court shall, ex parte and without notice or hearing, issue the requested order. The requested order may:

(a)

Direct the Commissioner to take possession and control of all or part of the property, books, accounts and records of the insurer and the premises occupied by it for transaction of its business; and

(b)

Until further order of the court, enjoin the insurer and its officers, managers, agents and employees from removal, concealment or other disposition of its property, and from the transaction of its business, except with the Commissioner’s written consent.

2.

The court’s order shall be for such duration, specified in the order, as the court deems necessary to enable the Commissioner to ascertain the insurer’s condition. On motion of any party or on its own motion, the court may hold such hearings as it deems desirable after such notice as it deems appropriate, and extend or shorten the duration or modify the terms of the order. The court shall vacate the seizure order if the Commissioner fails to commence a formal proceeding under this chapter after reasonable opportunity to do so; and a seizure order is automatically vacated by issuance of the court’s order pursuant to formal delinquency proceedings under this chapter.

3.

Entry of a seizure order under this section does not constitute an anticipatory breach of any contract of the insurer.

Source: Section 696B.530 — Summary proceedings: Seizure under court order., https://www.­leg.­state.­nv.­us/NRS/NRS-696B.­html#NRS696BSec530.

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

Jun. 24, 2021

§ 696B.530’s source at nv​.us