1. A person shall not remove all or any material part of the records or assets of a domestic insurer from this State except pursuant to a plan of merger, consolidation or bulk reinsurance approved by the Commissioner under this Code, or for such other reasonable purposes and periods of time as may be permissible under NRS 693A.050 and 693A.060, or as may have been approved by the Commissioner in writing in advance of such removal.
2. A person shall not conceal any such records or assets from the Commissioner.
3. A person who unlawfully removes or attempts to remove such records or assets or such material part thereof from the principal place of business of the insurer or place of safekeeping thereof, or who unlawfully conceals or attempts to conceal the same from the Commissioner, is guilty of a category D felony and shall be punished as provided in NRS 193.130.
4. Upon any unlawful removal or attempted removal of such records or assets, or upon retention of such records or assets or material part thereof outside this State in violation of the terms of the applicable consent of the Commissioner, or upon any unlawful concealment of or attempt to conceal records or assets, the Commissioner may, in the discretion of the Commissioner, institute delinquency proceedings against the insurer pursuant to chapter 696B of NRS (conservation, rehabilitation and liquidation).
(Added to NRS by 1971, 1799; A 1995, 1319)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
