692B.070 - Application for solicitation permit. [Effective until the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the
692B.070 Application for solicitation permit. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
1. A written application for any permit required under NRS 692B.040 must be filed with the Commissioner. The application must include or be accompanied by:
(a) The name, type and purposes of the insurer, corporation, syndicate, association, firm or organization formed or proposed to be formed or financed;
(b) On forms furnished by the Commissioner, for each person associated or to be associated as incorporator, director, promoter, manager or in other similar capacity in the enterprise, or in the formation of the proposed insurer, corporation, syndicate, association, firm or organization, or in the proposed financing:
(1) The person’s name, residential address and qualifications;
(2) The person’s business background and experience for the preceding 10 years; and
(3) A complete set of the person’s fingerprints which the Commissioner may forward to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report;
(c) A full disclosure of the terms of all pertinent understandings and agreements existing or proposed among any persons or entities so associated or to be associated, and a copy of each such agreement;
(d) Executed quadruplicate originals of the articles of incorporation of a proposed domestic stock or mutual insurer;
(e) The original and one copy of the proposed bylaws of a proposed domestic stock or mutual insurer;
(f) The plan according to which solicitations are to be made and a reasonably detailed estimate of all organization and sales expenses to be incurred in the proposed organization and offering;
(g) A copy of any security, receipt or certificate proposed to be offered, and a copy of any proposed subscription agreement or application therefor;
(h) A copy of any prospectus, offering circular, advertising or sales literature or material proposed to be used;
(i) A copy of the proposed form of any escrow agreement required;
(j) A copy of:
(1) The articles of incorporation of any corporation, other than a proposed domestic insurer, proposing to offer its securities, certified by the public officer having custody of the original thereof;
(2) Any syndicate, association, firm, organization or other similar agreement, by whatever name called, if funds for any of the purposes referred to in subsection 1 of NRS 692B.040 are to be secured through the sale of any security, interest or right in or relative to such syndicate, association, firm or organization; and
(3) If the insurer is, or is to be, a reciprocal insurer, the power of attorney and of other agreements existing or proposed affecting subscribers, investors, the attorney-in-fact or the insurer; and
(k) Such additional pertinent information as the Commissioner may reasonably require.
2. The application must be accompanied by a deposit of the fees required under NRS 680B.010 for the filing of the application and for issuance of the permit, if granted.
3. In lieu of a special filing thereof of information required by subsection 1, the Commissioner may accept a copy of any pertinent filing made with the Securities and Exchange Commission relative to the same offering.
(Added to NRS by 1971, 1785; A 1997, 2203; 1999, 520, 543; 2003, 2870, effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings)