682A.270 - Failure to dispose of real property, personal property or securities: Effect; penalty. - Nevada Statutes

682A.270  Failure to dispose of real property, personal property or securities: Effect; penalty.

      1.  Any real property, personal property or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the Commissioner as provided in NRS 682A.250 and 682A.260 shall not be allowed as an asset of the insurer.

      2.  The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the Commissioner shall suspend or revoke the insurer’s certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the Commissioner may, by order, specify.

      (Added to NRS by 1971, 1628)