686B.280 - Conversion into domestic stock insurer: Filing and contents of notice of intent to qualify. - Nevada Statutes

686B.280  Conversion into domestic stock insurer: Filing and contents of notice of intent to qualify.

      1.  An essential insurance association shall, whenever requested to do so by the Commissioner, file a notice of intent to qualify as a domestic stock insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice whenever it considers it appropriate.

      2.  The notice must be filed with the Commissioner at least 4 months before the date the association is to become a domestic stock insurer and must contain:

      (a) An application prepared pursuant to chapter 680A of NRS for a certificate of authority to transact business in Nevada as a domestic stock insurer;

      (b) A valuation of capital and surplus according to both market and amortized value based on the association’s annual financial statement for the previous year;

      (c) The value and number of shares of stock to which each insured is entitled; and

      (d) The terms of any proposal offering money or its equivalent in lieu of issuing fractional shares.

      (Added to NRS by 1981, 1021)