693A.310 - Affiliation of stock insurers. - Nevada Statutes

693A.310  Affiliation of stock insurers.

      1.  A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless the insurer has first submitted the plan for such acquisition and exchange to the Commissioner and the Commissioner has approved the same.

      2.  The Commissioner shall not so approve unless the Commissioner finds the plan for such acquisition and the terms and conditions thereof to be fair and equitable to all parties concerned therein, after a hearing at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear.

      3.  Notice and conduct of such hearing shall be as provided in NRS 679B.310 to 679B.370, inclusive.

      (Added to NRS by 1971, 1811)