NRS 696B.090

“General assets” defined

Known as the Insurers Conservation, Rehabilitation and Liquidation Law

The act spans §§ 696–696 (63 sections).

Applied in 2 court decisions — leading case Frontier Ins. Serv. v. STATE, COM'R INS. (1993)

Most recently applied in Frontier Ins. Serv. v. STATE, COM'R INS. (March 1993)

(Added to NRS by 1971, 1884)

1. “General assets” means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as to such specifically encumbered property the term includes all such property or its proceeds in excess of the amount necessary to discharge the sums secured thereby.

2. Assets held in trust or on deposit for the security or benefit of all policyholders or all policyholders and creditors in the United States of America are deemed general assets.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.