NAC677.550. Notification of change; approval or disapproval by Commissioner; hearing.

     1. A private insurer that issues a contract for the insurance of deposits pursuant to subsection 2 of NRS 677.247 shall notify the Commissioner within 3 business days after the private insurer has knowledge of any change:

     (a) In the ownership of 10 percent or more of the outstanding voting stock of the private insurer if the private insurer is a corporation; or

     (b) Of the partners of the private insurer if the private insurer is a partnership.

     2. Within 60 days after receipt of a notice of change pursuant to subsection 1, the Commissioner will approve or disapprove the continuance of the insurance of deposits by the private insurer.

     3. If the Commissioner disapproves the continuance of the insurance of deposits by the private insurer, the private insurer may request a hearing before the Commissioner. The Commissioner will schedule and hold such a hearing pursuant to chapter 233B of NRS.

     (Added to NAC by Comm’r of Financial Institutions by R101-01, eff. 11-15-2001)