686B.360 - Conversion into domestic mutual insurer or domestic reciprocal insurer: Notice to insurers and insured; hearing.
686B.360 Conversion into domestic mutual insurer or domestic reciprocal insurer: Notice to insurers and insured; hearing.
1. At the time the association files a notice of intent to qualify as a domestic mutual insurer or domestic reciprocal insurer, it must give a notice of intent to all participating insurers and all insureds on a form approved by the Commissioner.
2. Any participating insurer or insured may, within 30 days after the date of the notice, apply to the Division for a hearing concerning the association’s ability to qualify as a domestic mutual insurer or domestic reciprocal insurer.
3. An association must comply with the provisions of:
(a) Chapter 692B of NRS, as applicable to mutual insurers, to qualify as a domestic mutual insurer; or
(b) Chapter 694B of NRS, as applicable to reciprocal insurers, to qualify as a domestic reciprocal insurer.
(Added to NRS by 2003, 3304)
NRS 686B.370 Conversion into domestic mutual insurer or domestic reciprocal insurer: Issuance of certificate of authority. Upon determining that an association has complied with NRS 686B.330 to 686B.370, inclusive, and all other requirements applicable to domestic mutual insurers, if the association is qualifying as a domestic mutual insurer, or to domestic reciprocal insurers, if the association is qualifying as a domestic reciprocal insurer, the Commissioner may issue to the association a certificate of authority to transact business as a domestic mutual insurer or a domestic reciprocal insurer.
(Added to NRS by 2003, 3304)