682A.260 - Time limited for disposal of other ineligible property and securities. - Nevada Statutes

682A.260  Time limited for disposal of other ineligible property and securities.  Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition shall be disposed of within 3 years from the date of acquisition unless within such period the security has attained to the standard of eligibility; but any security or personal property acquired under any agreement of bulk reinsurance, merger or consolidation may be retained for a longer period if so provided in the plan for such reinsurance, merger or consolidation as approved by the Commissioner under NRS 693A.330 to 693A.370, inclusive. Upon application by the insurer and proof that forced sale of any such property or security would materially injure the interests of the insurer, the Commissioner may extend the disposal period for an additional reasonable time.

      (Added to NRS by 1971, 1627)