693A.270 - Impairment of capital, surplus or assets: Curing deficiency; failure to cure. - Nevada Statutes

693A.270  Impairment of capital, surplus or assets: Curing deficiency; failure to cure.

      1.  A deficiency referred to in NRS 693A.260 may be made good in whole or in part in cash or in assets eligible under chapter 682A of NRS (investments) for investment of the insurer’s funds, or by amendment of the insurer’s certificate of authority to cover only such kind or kinds of insurance thereafter for which the insurer has sufficient paid-in capital stock and surplus (if a stock insurer) or surplus (if a mutual insurer) under this Code, or, if a stock insurer, by reduction of its capital stock to an amount of authorized and unimpaired paid-in capital stock not below the minimum thereof required for the kinds of insurance thereafter to be transacted.

      2.  If the deficiency is not made good and proof thereof filed with the Commissioner within the period required under NRS 693A.260, the insurer shall be deemed insolvent and the Commissioner shall institute delinquency proceedings against it under chapter 696B of NRS.

      (Added to NRS by 1971, 1809)