Nevada Revised Statutes 695B.250 – Extensions of time; automatic approval
1. Upon written request from the corporation subject to the provisions of this chapter filed within 50 days after the date on which the coverage is provided or agreed to be provided and upon proof satisfactory to the Commissioner that the corporation is acting with due diligence and that hardship will result unless an extension is granted, the Commissioner may extend the time set forth in paragraph (a) of subsection 3 of NRS 695B.240 for a period of not to exceed 30 days. Upon such extension, the corporation with the consent of the subscriber may amend the memorandum referred to in paragraph (b) of subsection 2 of NRS 695B.240 to extend the time within which the certificate must be issued and delivered to the subscriber to 30 days after the date to which the Commissioner has extended the time within which a form of contract and certificate must be submitted to the Commissioner for approval and to extend the date for termination of coverage to 30 days thereafter.
Terms Used In Nevada Revised Statutes 695B.250
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
2. A contract and certificate submitted to the Commissioner with a letter from the corporation stating that coverage has been provided in accordance with this section shall be automatically approved unless the Commissioner disapproves the same within 30 days of the date of its submission to the Commissioner.