Nevada Revised Statutes 693A.590 – Action by Commissioner on proposed plan; notice and expiration of approval
1. The Commissioner shall issue an order approving or disapproving a proposed plan of reorganization not later than 30 days after the public hearing required by NRS 693A.585.
Terms Used In Nevada Revised Statutes 693A.590
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
2. The Commissioner shall not approve a proposed plan of reorganization unless the Commissioner finds that the:
(a) Plan of reorganization is fair and equitable to the policyholders;
(b) Plan of reorganization does not deprive the policyholders of their property rights or due process of law;
(c) Reorganized stock insurer meets the minimum requirements for a certificate of authority to transact the business of insurance in this state; and
(d) Continued operation of the reorganized stock insurer is not hazardous to future policyholders and the public.
3. If the Commissioner approves a plan of reorganization, the Commissioner shall publish notification of the issuance of the order in a newspaper of general circulation in Carson City and in the county of domicile of the mutual insurer if different from Carson City.
4. If the Commissioner approves a plan of reorganization, the approval expires if the reorganization is not completed within 180 days after the date of approval, unless the period is extended by the Commissioner for good cause.
5. If the Commissioner disapproves a plan of reorganization, the Commissioner shall issue an order setting forth specific findings for the disapproval.