696B.500 - Summary proceedings: Commissioner’s corrective orders authorized. - Nevada Statutes

696B.500  Summary proceedings: Commissioner’s corrective orders authorized.

      1.  If the Commissioner determines after a hearing that any insurer has committed or engaged in, or is committing or engaging in, or is about to commit or engage in any act, practice or transaction that would subject it to formal delinquency proceedings under this chapter, the Commissioner may make and serve upon the insurer and other persons involved, such orders (other than seizure orders under NRS 696B.530 and 696B.540) as the Commissioner deems reasonably necessary to correct, eliminate or remedy such conduct, condition or ground. Orders to cure impairment of capital or surplus of a domestic insurer are subject to NRS 693A.260 and 693A.270.

      2.  If the Commissioner believes that irreparable harm to the insurer, or its policyholders, creditors or the public may occur unless an order of the Commissioner is issued with immediate effect, the Commissioner may make and serve an order without notice and before hearing, and shall simultaneously therewith serve upon the insurer and other persons involved the notice of hearing as required under subsection 3.

      3.  The Commissioner’s order and notice of hearing shall be served by personal service in any manner provided by the Nevada Rules of Civil Procedure.

      (Added to NRS by 1971, 1902)