696B.570 - Federal receivership. - Nevada Statutes

696B.570  Federal receivership.

      1.  If the Commissioner believes that rehabilitation or liquidation of a domestic insurer or alien insurer domiciled in this state upon grounds for such rehabilitation or liquidation set forth in this chapter would thereby be facilitated, and whether or not delinquency proceedings against the insurer are already pending in the courts of this state, the Commissioner may cause or consent to the filing of a petition in a federal district court in another state for the appointment of a federal receiver of the insurer. The Commissioner may intervene in any such action, and may accept appointment as the federal receiver if so designated. Upon the designation of a federal receiver in any such action, the courts of this state shall relinquish jurisdiction of the rehabilitation or liquidation of the insurer upon the Commissioner’s motion therefor.

      2.  The provisions of this chapter relating to delinquency proceedings in courts of this state shall apply to such a federal receivership to the extent applicable and appropriate.

      3.  If the Commissioner is appointed a federal receiver under this section, the Commissioner shall comply with any requirements necessary to give the Commissioner title to and control over the insurer’s assets and affairs.

      (Added to NRS by 1971, 1905)