Nev. Rev. Stat. ch. 692C – Holding Companies | Midpage

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Nevada Revised Statutes

Chapter 692C

Nev. Rev. Stat. ch. 692C

Holding Companies

692C.010Short title 692C.020Definitions 692C.025“Acquisition” defined 692C.030“Affiliate” defined 692C.040“Commissioner” defined 692C.050“Control” defined 692C.055“Enterprise risk” defined 692C.056“Group Capital Calculation instructions” defined 692C.057“Insurance group” defined 692C.060“Insurance holding company system” defined 692C.070“Insurer” defined 692C.075“Involved insurer” defined 692C.076“NAIC” defined 692C.0765“NAIC Liquidity Stress Test Framework” defined 692C.077“ORSA Guidance Manual” defined 692C.078“ORSA Summary Report” defined 692C.079“Own Risk and Solvency Assessment” and “ORSA” defined 692C.080“Person” defined 692C.085“Scope Criteria” defined 692C.090“Security holder” defined 692C.100“Subsidiary” defined 692C.110“Voting security” defined 692C.120Rules, regulations and orders 692C.130Organization and acquisition of subsidiaries authorized 692C.140Authorized investments in securities of subsidiaries 692C.150Exemption from restrictions on investments 692C.160Determination of qualification of investment 692C.170Cessation of control: Disposal of investment required; exception 692C.180Acquisition or merger: Filing requirements; approval by Commissioner; regulations 692C.190Acquisition or merger: Contents of pre-acquisition statement 692C.200Acquisition or merger: Use of alternative documents 692C.210Acquisition or merger: Prerequisites for approval; hearing and notice; powers and duties of Commissioner; period for infusion of capital 692C.220Information required to be furnished to shareholders; expenses of mailing; filing of security for payment of expenses 692C.230Exemptions 692C.240Violations 692C.250Jurisdiction of court; consent to service of process 692C.252Applicability 692C.254Form of notice; waiting period 692C.256Order of Commissioner relating to acquisition: Issuance; competitive standard 692C.258Order of Commissioner relating to acquisition: Hearing; written decision; effective date; plan to remedy conditions that caused order to be issued; applicability; penalty 692C.260Registration required; person within insurance holding company system subject to registration required to provide information to insurer 692C.270Contents of registration statement; statement relating to corporate oversight; financial statements 692C.280Registration statement: Exempt information 692C.290Registration statement: Amendment; report of distributions to shareholders; report of enterprise risk; filing of annual group capital calculation; filing of results of liquidity stress test; action by Commissioner for certain violations 692C.292Authorized use of and prohibited statements regarding group capital calculations, liquidity stress tests and related information 692C.294Group capital calculation: Exemptions from filing requirements; grounds for termination of exemption 692C.296Group capital calculation: Recognition and acceptance 692C.300Termination of registration 692C.310Consolidated registration 692C.320Registration on behalf of affiliated insurer 692C.330Disclaimer of affiliation or request for termination of registration; granting or disallowance 692C.340Exemptions 692C.350Violations; penalties 692C.3501“Corporate governance annual disclosure” defined 692C.3503Applicability and scope 692C.3504Submission; requirements; review; regulations 692C.3505Rules, regulations and orders 692C.3506Contents and preparation; regulations 692C.3507Confidentiality 692C.3508Retention of third-party consultants; agreements with National Association of Insurance Commissioners and third-party consultants governing sharing and use of information 692C.3509Penalties 692C.351Risk management framework required 692C.3512Own Risk and Solvency Assessment requirement 692C.3514Filing of ORSA Summary Report 692C.3516Required attestation of ORSA Summary Report 692C.3518Acceptable alternative to ORSA Summary Report 692C.352Exemption from risk management and ORSA requirements 692C.3522Filing requirements for exempt member of nonexempt insurance group 692C.3524Filing requirements for nonexempt member of exempt insurance group 692C.3526Waiver of requirements: Application by nonexempt insurer; granting 692C.3528Authority of Commissioner to impose certain requirements on exempt insurer 692C.353Requirements for exempt insurer no longer qualified for exemption 692C.3532Contents of ORSA Summary Report 692C.3534Review of ORSA Summary Report 692C.3536Confidentiality of information 692C.3538Confidential information: Testimonial prohibition; exception 692C.354Allowed disclosure and receipt of confidential information by Commissioner; agreements governing sharing and use of information 692C.3542Sharing of information by Commissioner not delegation of regulatory authority or rulemaking 692C.3544Disclosure of information to Commissioner not waiver of privilege of confidentiality 692C.3546Applicability of confidentiality provisions to NAIC and third parties 692C.3548Prohibited acts; penalties 692C.355Proposal to acquire or change or continue control of insurer domiciled in State: Notice; action by Commissioner 692C.357Domestic insurer under control of foreign person not relieved of obligations and liabilities; requirements for board of directors of registered domestic insurer; exception; waiver 692C.359Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies 692C.360Transactions with affiliates; regulations 692C.363Insurer required to notify Commissioner of intent to enter into certain transactions with affiliate; approval of transactions; exceptions 692C.367Insurer prohibited from entering into separate transactions with affiliate with intent to avoid review; review of transactions by Commissioner; insurer required to notify Commissioner of large investment in corporation 692C.370Adequacy of surplus 692C.372Group-wide supervision of internationally active insurance groups: Definitions 692C.374Group-wide supervision of internationally active insurance groups: “Group-wide supervisor” defined 692C.376Group-wide supervision of internationally active insurance groups: “Internationally active insurance group” defined 692C.378Group-wide supervision of internationally active insurance groups: Determination or acknowledgment of group-wide supervisor; change of group-wide supervisor; powers of Commissioner when acting as group-wide supervisor; agreements; regulations; reimbursement of Commissioner by insurer 692C.380Extraordinary distributions to shareholders: Definition 692C.390Extraordinary distributions to shareholders: Notice; approval 692C.400Extraordinary distributions to shareholders: Conditional declaration 692C.402Sources from which receiver appointed under order for liquidation or rehabilitation of insurer is authorized to recover 692C.404Liability of person who controlled insurer or affiliate at time distributions were paid or declared 692C.410Examination of insurer: Powers of Commissioner; payment of expenses 692C.420Confidentiality of disclosed information; exception; privileges; agreements governing sharing and use of information; effect of sharing or disclosure; applicability to third parties 692C.430Injunctive relief 692C.440Prohibited voting of securities 692C.450Sequestration of voting securities 692C.460Receivership 692C.470Suspension or revocation of or refusal to renew license 692C.480Criminal proceedings and penalties 692C.485Penalty for violation of certain provisions by director or officer of insurance holding company system; order of Commissioner to cease and desist; order of Commissioner to rescind certain contracts 692C.490Judicial review