682A.030 - General qualifications.
682A.030 General qualifications.
1. No security or investment (other than real and personal property acquired under NRS 682A.240 (real property) shall be eligible for acquisition unless it is interest bearing or interest accruing or entitled to dividends or is otherwise income earning, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon.
2. No security or investment shall be eligible for purchase at a price above its fair value or market value.
3. No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or upon a debt or judgment, or under a lawful and bona fide agreement of bulk reinsurance, merger or consolidation. Any security or property so acquired which is not otherwise an eligible investment under this chapter shall be disposed of pursuant to NRS 682A.250 if real property, or pursuant to NRS 682A.260 if personal property or securities.
(Added to NRS by 1971, 1618)