693A.470 - Issuance and notice of final order approving application; issuance and effect of certificate of authority. - Nevada Statutes

693A.470  Issuance and notice of final order approving application; issuance and effect of certificate of authority.

      1.  The Commissioner shall:

      (a) Enter a final order approving the application to convert to a stock insurer within 10 days after receiving a valid certification from the converting mutual setting forth the vote and certifying that the plan of conversion was approved by not less than two-thirds of the policyholders voting in person or by proxy on the plan of conversion; and

      (b) Publish notification of the issuance of the final order in a newspaper of general circulation in Carson City and in the county of domicile of the converting mutual if different from Carson City.

      2.  Except as otherwise provided in NRS 693A.465, the Commissioner shall issue a certificate of authority to the new stock insurer when the converting mutual files a certificate with the Commissioner stating that all the conditions set forth in the plan of conversion have been satisfied.

      3.  The conversion is effective upon the issuance of the certificate of authority by the Commissioner.

      4.  Upon issuance of the certificate of authority, the articles of incorporation of the insurer shall be deemed to be amended in compliance with NRS 692B.030.

      (Added to NRS by 2001, 2236)