693A.605 - Issuance and effect of certificate of authority. - Nevada Statutes

693A.605  Issuance and effect of certificate of authority.

      1.  The Commissioner shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the Commissioner a:

      (a) Certificate stating that all the conditions set forth in the plan of reorganization have been satisfied, so long as the board of directors of the mutual insurer has not abandoned the plan of reorganization pursuant to NRS 693A.600.

      (b) Certificate from the mutual insurer setting forth the vote and certifying that the plan of reorganization was approved by not less than two-thirds of the policyholders voting in person or by proxy on the plan of reorganization.

      2.  The reorganization is effective upon the issuance of a certificate of authority by the Commissioner.

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

      (Added to NRS by 2001, 2244)