682B.060 - Assignment, transfer and conveyance of assets; release. - Nevada Statutes

682B.060  Assignment, transfer and conveyance of assets; release.

      1.  Except as provided in NRS 682B.055, an insurer shall assign to the Commissioner and the successors in office of the Commissioner in trust all securities being deposited with or through the Commissioner under NRS 682B.010 to 682B.120, inclusive, which are not negotiable by delivery. In lieu of such an assignment, the insurer may give the Commissioner an irrevocable power of attorney authorizing the Commissioner to transfer the securities or any part thereof for any purpose within the scope of NRS 682B.010 to 682B.120, inclusive.

      2.  In the case of securities or assets held under custodial arrangements pursuant to NRS 682B.050, the custodian’s receipt therefor must be delivered to the Commissioner in trust, if negotiable, or assigned to the Commissioner so that legal title to such securities or assets is vested in the Commissioner and the successors in office of the Commissioner.

      3.  The insurer shall convey to the Commissioner and the successors in office of the Commissioner in trust any real property being deposited under this Code.

      4.  Upon release to the insurer, or other person entitled thereto, of any security or asset, the Commissioner shall reassign or transfer or reconvey it to the insurer or person. In the case of power of attorney given pursuant to subsection 1, the Commissioner shall deliver the power of attorney, together with the securities covered thereby, to the insurer or person entitled thereto.

      (Added to NRS by 1971, 1631; A 1985, 609)