1.  The Commissioner may place an insurer under administrative supervision if:

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(a) At any time, the Commissioner determines that:

(1) The insurer is in a hazardous financial condition as set forth in regulations adopted pursuant to NRS 680A.205, 695B.150, 695C.318, 695D.157 or 695F.212 or any other applicable provision of this title;

(2) The insurer is in a hazardous financial condition pursuant to NRS 682A.510, 695C.319 or 695C.3195 or any other applicable provision of this title;

(3) The continued operation of the insurer transacting business in this State may be hazardous to the insureds or creditors of the insurer or to the general public;

(4) As described in subsection 5, the insurer appears to have exceeded its powers as granted by its license or certificate of authority, as applicable, or as granted by applicable law; or

(5) The insurer is conducting its business fraudulently; or

(b) The insurer agrees to be placed under administrative supervision.

2.  If the Commissioner places an insurer under administrative supervision pursuant to subsection 1:

(a) The Commissioner shall promptly notify the insurer that the insurer has been placed under administrative supervision, and include with that notice:

(1) The determination, if any, made by the Commissioner pursuant to paragraph (a) of subsection 1;

(2) A written list of the actions which the insurer must take to satisfy the Commissioner that the placement of the insurer under administrative supervision pursuant to subsection 1 is no longer appropriate;

(3) The initial period of administrative supervision established pursuant to paragraph (b);

(4) The actions, if any, identified by the Commissioner pursuant to subsection 2 of NRS 696C.110; and

(5) A statement that the provisions of this chapter govern the administrative supervision of the insurer.

(b) Except as otherwise provided in this paragraph, the initial period of administrative supervision begins upon the insurer’s receipt of the notice described in paragraph (a) and ends 60 days after the date of the Commissioner’s determination pursuant to paragraph (a) of subsection 1 or the date of the insurer’s agreement pursuant to paragraph (b) of subsection 1, as applicable. The Commissioner may designate a different date for the end of the initial period of administrative supervision, if the Commissioner determines that a different date is appropriate and includes that date in the notice required by paragraph (a).

3.  The insurer remains under administrative supervision pursuant to this section from the beginning of the initial period of administrative supervision established pursuant to paragraph (b) of subsection 2 until the date on which the insurer is released from administrative supervision by the Commissioner pursuant to paragraph (a) of subsection 4.

4.  At the end of the initial period of supervision established pursuant to paragraph (b) of subsection 2 and at the end of any extended period of supervision established pursuant to paragraph (b) of this subsection, the Commissioner shall provide the insurer with notice and an opportunity for a hearing to determine whether the insurer has taken the actions specified pursuant to subparagraph (2) of paragraph (a) of subsection 2 to the satisfaction of the Commissioner. If the Commissioner determines that the insurer:

(a) Has taken such actions to the satisfaction of the Commissioner, the Commissioner shall release the insurer from administrative supervision; or

(b) Has not taken such actions to the satisfaction of the Commissioner, the Commissioner shall designate an extended period of supervision during which the insurer remains under administrative supervision.

5.  For the purposes of subparagraph (4) of paragraph (a) of subsection 1, an insurer shall be deemed to have exceeded its powers if the insurer:

(a) Refused to permit the Commissioner, or an examiner authorized by the Commissioner, to examine its books, papers, accounts, records or affairs;

(b) Is a domestic insurer and unlawfully removed from this State books, papers, accounts or records necessary for an examination of the insurer;

(c) Failed or refused to promptly comply with any applicable statutes or regulations relating to financial reporting or any requests of the Commissioner relating thereto;

(d) Failed or refused to comply with an order of the Commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital, capital stock or surplus;

(e) Continued to transact insurance or write business in this State after its license or certificate of authority, as applicable, has been revoked or suspended by the Commissioner;

(f) Unlawfully, in violation of an order of the Commissioner, or without first having obtained written approval of the Commissioner if written approval is required by law, and whether accomplished by contract or otherwise:

(1) Completely reinsured its entire outstanding business; or

(2) Merged or substantially consolidated its entire property or business with another insurer;

(g) Engaged in any transaction in which it is not authorized to engage under the laws of this State; or

(h) Otherwise failed or refused to comply with a lawful order of the Commissioner.