693A.060 - Assets to be kept in State; exception. - Nevada Statutes

693A.060  Assets to be kept in State; exception.

      1.  Every domestic insurer shall keep its assets within the State of Nevada, except where requisite for the normal transaction of its business.

      2.  This section does not apply to:

      (a) Assets maintained at the insurer’s principal place of business located outside this State with the Commissioner’s permission granted under NRS 693A.040;

      (b) Securities on deposit with or through the insurance supervisory officer of another state, province or country as a condition to authority for the transaction of insurance business by the insurer in that state, province or country; and

      (c) Negotiable securities held in book entry form through the United States banking system and recorded in the name of the domestic insurer or its nominee by the authorized transfer agency or trustee of the security.

      (Added to NRS by 1971, 1799; A 1991, 647)