Nevada Revised Statutes 696B.565 – Officers, agents, employees and attorneys of Division: Immunity from liability; indemnification
1. The Commissioner, as receiver, all present and former deputy receivers, special deputy receivers and their employees, and the other officers, agents, employees and attorneys of the Division are immune from liability, both personally and in their official capacities, for any claim for damage to or loss of property or personal injury or other civil liability caused by or resulting from any alleged act, error or omission of the officers, agents, employees and attorneys of the Division arising out of or by reason of their duties or employment. This subsection must not be construed to hold the officers, agents, employees and attorneys of the Division immune from liability for any damage, loss, injury or liability caused by actual malice.
Terms Used In Nevada Revised Statutes 696B.565
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
2. Attorneys, accountants, auditors and other professional persons or firms who are retained by the Commissioner as independent contractors and their employers must not be considered employees for the purposes of this chapter.
3. The Commissioner, all present and former deputy receivers, special deputy receivers and their employees, and the other officers, agents, employees and attorneys of the Division must be indemnified for all expenses, attorney’s fees, judgments, settlements, decrees, or amounts due or paid in satisfaction of, or incurred in the defense of, such a legal action, unless it is determined upon a final adjudication on the merits of the case that the alleged acts, error or omission of the officer, agent, employee or attorney of the division did not arise out of or by reason of his or her duties or employment and was caused by actual malice.
4. The State may seek indemnification for the payment of expenses, judgments, settlements, decrees, attorney’s fees, surety bond premiums or other amounts paid or to be paid from the insurer’s assets. Any payment pursuant to this section shall be deemed an administrative expense of the insurer.