Nevada Revised Statutes 693B.130 – Commissioner authorized to declare certain provisions of law operative and inoperative; powers of companies, officers and directors
1. At any time after an attack, upon determination by the Commissioner that such action will tend to promote certainty as to the powers of organizations or individuals pursuant to this chapter, or that such action is desirable to enable organizations to take preparatory precautions prior to the occurrence of an acute emergency, the Commissioner may declare that any provision of this chapter which the Commissioner may specify shall be operative with respect to any domestic organization or to the Nevada business of any other organization which the Commissioner may designate. Upon such declaration such organization and its directors, officers, acting directors and acting officers shall have all powers conferred by such provisions of this chapter. The failure of the Commissioner so to declare shall not be deemed to limit the powers of any organization or its directors, officers, acting directors or acting officers where an acute emergency exists in fact.
Terms Used In Nevada Revised Statutes 693B.130
- Acute emergency: means a period in which, by reason of loss of life, epidemic disease, destruction or damage of property, contamination of property by radiological, chemical or bacteriological means, or disruption of the means of transportation and communication, resulting from an attack, it is impossible or impracticable for the business of insurance in this state to be conducted in strict accord with the provisions of law or charters applicable thereto. See Nevada Revised Statutes 693B.010
- Attack: means any attack, actual or imminent, or series of attacks by an enemy or a foreign nation upon the United States of America causing, or which may cause, substantial damage or injury to civilian property or persons in the United States in any manner by sabotage or by the use of bombs, shellfire, or atomic, radiological, chemical, bacteriological or biological means or other weapons or processes. See Nevada Revised Statutes 693B.010
- Charter: means the certificate of organization or incorporation of an organization together with its bylaws, or the agreement establishing a fund or association together with its constitution and bylaws. See Nevada Revised Statutes 693B.010
- Commissioner: means the Commissioner of Insurance or other person designated to exercise the powers of that office during an acute emergency. See Nevada Revised Statutes 693B.010
- Domestic organization: means any organization which is domiciled in this state, including, insofar as the provisions of this chapter may appropriately apply thereto, any welfare or pension fund or United States branch of an alien insurer. See Nevada Revised Statutes 693B.010
- Organization: means any insurer, rating organization, service or advisory organization, joint underwriting association or other organization which is subject, in whole or in part, to the insurance laws of this state. See Nevada Revised Statutes 693B.010
2. At any time after the commencement of an acute emergency or after the Commissioner has declared any provision of this chapter operative pursuant to subsection 1, upon determination by the Commissioner that an organization is able, in whole or in part, to carry on its business in compliance with its charter and the laws other than this chapter, the Commissioner may declare that any provision of this chapter which the Commissioner may specify shall be inoperative with respect to any domestic organization or to the Nevada business of any other organization which the Commissioner may designate. Upon such declaration, such organization shall be governed by its charter and the provisions of law other than this chapter except insofar as other provisions of this chapter remain operative.