Nevada Revised Statutes 693B.140 – Commissioner authorized to take possession of business and property of organizations
Upon the Commissioner‘s determination that, as a result of an acute emergency, the business and affairs of an organization cannot otherwise be conducted in a safe and sound manner, the Commissioner may forthwith take possession of the business and property of the organization within this state or, if a domestic organization, its business and property wherever situated. The provisions of chapter 696B of NRS (conservation, rehabilitation, liquidation) shall be applicable in any case in which the Commissioner takes possession of an organization pursuant to this section as though the organization were an insurer of which the Commissioner had taken possession pursuant to chapter 696B of NRS (conservation, rehabilitation, liquidation), except that no such provision shall be applicable which the Commissioner has declared inapplicable pursuant to this section. The Commissioner shall have power to declare inapplicable any such provision upon determination by the Commissioner that the same is inappropriate or unnecessary to protect the interests of the public or the stockholders or creditors of the organization, in view of the acute emergency and the nature of the organization.
Terms Used In Nevada Revised Statutes 693B.140
- 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
- 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