692C.400 - Extraordinary distributions to shareholders: Conditional declaration. - Nevada Statutes

692C.400  Extraordinary distributions to shareholders: Conditional declaration.  Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration shall confer no rights upon shareholders until:

      1.  The Commissioner has approved the payment of such dividend or distribution; or

      2.  The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390.

      (Added to NRS by 1973, 1047)