NRS 690C.215 - Transfer of liability without approval of Commissioner prohibited; exception.

NV Rev Stat § 690C.215 (2019) (N/A)

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1. Except as otherwise provided in this section, a provider shall not transfer any liability relating to a service contract to another provider or any other person, including, without limitation, another provider or other person with whom the original provider has merged or plans to merge.

2. A provider may transfer a liability relating to a service contract to another provider or any other person if, before the liability is transferred:

(a) The original provider submits a proposal to the Commissioner to transfer the liability; and

(b) The Commissioner approves the proposal pursuant to subsection 3.

3. The Commissioner may approve a proposal made by a provider pursuant to subsection 2 if the Commissioner determines, after reviewing the financial condition of the provider or other person to whom the liability is proposed to be transferred, that the proposed recipient of the transfer has adequate financial resources to enable the proposed recipient to pay in full and in a timely manner all liabilities proposed to be transferred to the proposed recipient.

4. The provisions of this section do not apply to any transaction relating to a contractual liability insurance policy into which the provider enters to satisfy the requirements of NRS 690C.170.

(Added to NRS by 2017, 2379)

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