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Nevada Revised Statutes Title 57. Insurance § 686B.280. Conversion into domestic stock insurer: Filing and contents of notice of intent to qualify

Current as of January 01, 2025 | Updated by Findlaw Staff

1. An essential insurance association shall, whenever requested to do so by the Commissioner, file a notice of intent to qualify as a domestic stock insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice whenever it considers it appropriate.

2. The notice must be filed with the Commissioner at least 4 months before the date the association is to become a domestic stock insurer and must contain:

(a) An application prepared pursuant to chapter 680A of NRS for a certificate of authority to transact business in Nevada as a domestic stock insurer;

(b) A valuation of capital and surplus according to both market and amortized value based on the association's annual financial statement for the previous year;

(c) The value and number of shares of stock to which each insured is entitled; and

(d) The terms of any proposal offering money or its equivalent in lieu of issuing fractional shares.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 686B.280. Conversion into domestic stock insurer: Filing and contents of notice of intent to qualify - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-686b-280/

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