Nevada Revised Statutes 693B.150 – Commissioner authorized to exercise powers only if court not available to make necessary orders; regulations, directives and orders of Commissioner
1. The powers given the Commissioner by NRS 693B.120 and 693B.140 shall be exercised by the Commissioner only if there is no court of competent jurisdiction available to which an application can be made for an order permitting the Commissioner to exercise such powers with respect to a particular organization, but the powers conferred by NRS 693B.140 shall not be exercised in the case of an organization which is not insolvent within the meaning of NRS 696B.210, unless the Commissioner finds that such organization lacks personnel able to manage its business in the interests of the public, its stockholders and policyholders.
Terms Used In Nevada Revised Statutes 693B.150
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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. The Commissioner may issue general and specific regulations, directives and orders consistent with and in furtherance of the purposes of this chapter.