679A.140 - Purposes; construction. - Nevada Statutes

679A.140  Purposes; construction.

      1.  The purposes of this Code are to:

      (a) Protect policyholders and all having an interest under insurance policies;

      (b) Implement the public interest in the business of insurance;

      (c) Provide adequate standards of solidity of insurers, and of integrity and competence in conduct of their affairs in the home offices and in the field;

      (d) Improve and thereby preserve state regulation of insurance;

      (e) Insure that policyholders, claimants and insurers are treated fairly and equitably;

      (f) Encourage full cooperation of the office of Commissioner with other regulatory bodies, both of this and other states and of the Federal Government;

      (g) Insure that the State has an adequate and healthy insurance market characterized by competitive conditions and the exercise of initiative;

      (h) Prevent misleading, unfair and monopolistic practices in insurance operations; and

      (i) Continue to provide the State of Nevada with a comprehensive, modern and adequate body of law, in response to the McCarran Act (Public Law 15, 79th Congress, 15 U.S.C. §§ 1011 to 1015, inclusive), for the effective regulation and supervision of insurance business transacted within, or affecting interests of the people of this state.

      2.  The provisions of this Code shall be given reasonable and liberal construction for the fulfillment of these purposes.

      (Added to NRS by 1971, 1559)