679B.360 - Order on hearing.

NEVADA STATUTES AND CODES

679B.360 - Order on hearing.

679B.360 Order on hearing.

1. In the conduct of hearings under this Code and making an order thereon, the Commissioner shall act in a quasi-judicial capacity.

2. Except as otherwise provided in this subsection, within 30 days after termination of a hearing, or of any rehearing thereof or reargument thereon, or within such other period as may be specified in this Code as to particular proceedings, the Commissioner shall make an order on hearing covering matters involved in such hearing, and give a copy of the order to each party to the hearing in the same manner as notice of the hearing was given to such party. With respect to hearings held concerning merger, consolidation, bulk reinsurance, conversion, affiliation or change of control of a domestic insurer as provided in chapter 693A of NRS (corporate powers, procedures of domestic stock and mutual insurers), where notice of the hearing was given to all stockholders and policyholders or to all stockholders or policyholders of an insurer involved, the Commissioner is required to give a copy of the order on hearing to the corporation and insurer parties, to intervening parties, to a reasonable number of such stockholders or policyholders as representative of the class, and to other parties only upon written request of such parties.

3. The order shall contain:

(a) A concise statement of facts found by the Commissioner upon evidence adduced at the hearing;

(b) A concise statement of the Commissioner’s conclusions from the facts so found;

(d) Citation of the provisions of this Code upon which the order is based; but failure so to designate a particular provision shall not deprive the Commissioner of the right thereafter to rely thereon.

4. The order may affirm, modify or rescind action theretofore taken or may constitute taking of new action within the scope of the notice of the hearing.

(Added to NRS by 1971, 1573)