682A.120 - Insurance stocks. - Nevada Statutes

682A.120  Insurance stocks.

      1.  An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of NRS 682A.100 (preferred or guaranteed stock) and NRS 682A.110 (common stocks).

      2.  With the Commissioner’s advance written consent an insurer may acquire and hold the controlling interest in the outstanding voting stock of another insurer formed under the laws of this or another state. All stocks under this subsection shall be subject to the limitation as to amount as provided in NRS 682A.130. The Commissioner shall not give consent to any such acquisition if the Commissioner finds that it would not be in the best interests of the insurers involved, or of their respective policyholders or stockholders, or that such acquisition would materially tend to lessen competition or to result in any monopoly in the insurance business.

      (Added to NRS by 1971, 1622)