693A.600 - Abandonment of plan of reorganization. - Nevada Statutes

693A.600  Abandonment of plan of reorganization.  A mutual insurer may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the Commissioner, abandon a plan of reorganization at any time before the issuance of the certificate of authority by the Commissioner pursuant to NRS 693A.605. Upon abandonment, all rights and obligations arising out of the plan of reorganization terminate and the mutual insurer shall continue to conduct its business as a domestic mutual insurer as though no plan of reorganization had ever been adopted.

      (Added to NRS by 2001, 2244)