Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration shall confer no rights upon shareholders until:

1. 1. The Commissioner has approved the payment of such dividend or distribution; or
2. 2. The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390.

(Added to NRS by 1973, 1047)