NRS 686C.175 - Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors. [Effective January 1, 2020.]

NV Rev Stat § 686C.175 (2019) (N/A)

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A deposit in this state, held pursuant to law or required by the Commissioner for the benefit of creditors, including, without limitation, policy or contract owners, certificate holders and enrollees, not turned over to the domiciliary receiver upon the entry of a final order of liquidation or order approving a plan of rehabilitation of a member insurer domiciled in this state or a reciprocal state pursuant to NRS 696B.290 or 696B.300 must be promptly paid to the Association. The Association is entitled to retain a portion of an amount so paid to it that is equal to the percentage determined by dividing the aggregate amount of claims by policy or contract owners, certificate holders and enrollees that are related to that insolvency for which the Association has provided statutory benefits by the aggregate amount of all claims by policy or contract owners, certificate holders and enrollees in this state related to that insolvency, and shall remit the remainder to the domiciliary receiver. The amount so remitted is a distribution of the assets of the member insurer for the purposes of chapter 696B of NRS.

(Added to NRS by 2001, 1027; A 2019, 1092, effective January 1, 2020)

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NRS 686C.175 - Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors. [Effective through December 31, 2019.]

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