NRS 696B.230

Grounds for conservation: Foreign and alien insurers

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, 1889)

The Commissioner may apply to the court for an order appointing the Commissioner as receiver or ancillary receiver, and directing the Commissioner to conserve the assets within this state, of a foreign or alien insurer:

1. Upon any of the applicable grounds specified in NRS 696B.210 or 696B.220;

2. Upon the ground that the insurer’s property has been sequestrated in its domiciliary sovereignty or in any other sovereignty; or

3. In the case of an alien insurer, upon the ground that the insurer has failed to make good an impairment of its trusteed funds within the time required therefor by order of the Commissioner.

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