692B.100 - Granting or denial of permit.
692B.100 Granting or denial of permit.
1. The Commissioner shall expeditiously examine an application for a solicitation permit and complete the investigation as called for. Subject to subsection 2, if the Commissioner finds on such examination and investigation that:
(a) The application is complete;
(b) The documents therewith filed are proper in form; and
(c) The proposed financing is reasonable and adequate in amount for the purposes intended and the applicant is otherwise entitled to the permit,
Ê the Commissioner shall give notice to the applicant that the Commissioner will issue the permit upon the filing of any bond required by NRS 692B.150 or 692B.210, or deposit in lieu thereof, and the filing of an executed copy of any escrow agreement required in connection therewith. If quadruplicate executed originals of articles of incorporation of a proposed domestic stock or mutual insurer have been filed with the Commissioner as required under paragraph (d) of subsection 1 of NRS 692B.070, the Commissioner shall inscribe the approval of the Commissioner on each copy thereof and return them to the applicant for filing with the Secretary of State and otherwise as required by law.
2. If the Commissioner does not so find, or finds that:
(a) The proposed sale of securities would be or tend to be unfair or inequitable as to present or proposed security holders or investors;
(b) Any of the individuals associated or to be associated in the insurer, corporation, syndicate, association, firm, organization or financing are not of good reputation as to business affairs or financial responsibility;
(c) The proposed insurer would not be able to qualify for a certificate of authority in this state by virtue of the provisions of subsection 2 of NRS 680A.090 (ownership, management);
(d) If an insurance holding corporation, its plan of capitalization or security options, or financing are such as would be prohibited under this Code as to a newly formed domestic stock insurer; or
(e) There is material variance, adverse to the applicant, as between the information furnished by the applicant in connection with the application and that determined by the Commissioner on investigation,
Ê the Commissioner shall give notice to the applicant that a permit will not be granted, stating the particulars of the grounds for such denial, and refund to the applicant all sums deposited in connection with the application other than the fee for the filing of the application.
(Added to NRS by 1971, 1787)