NAC681B.540. Action by Commissioner; taking of action pursuant to chapter 696B of NRS.

     1. If an event that requires authorized control occurs, the Commissioner will:

     (a) Take such actions as he or she determines are necessary to cure the event that requires authorized control, including, without limitation, any action authorized by NAC 681B.520 and 681B.525 with respect to an event that requires regulatory action; or

     (b) If the Commissioner determines it to be in the best interests of the general public and of the policyholders and creditors of the insurer, take such actions as he or she determines are necessary to place the insurer under the regulatory control of the Commissioner pursuant to chapter 696B of NRS.

     2. An event that requires authorized control is a sufficient ground for the Commissioner to take action pursuant to chapter 696B of NRS, and the Commissioner has the rights, powers and duties as are set forth in that chapter. If the Commissioner takes action pursuant to this section in response to an adjusted report on risk-based capital, the insurer is entitled to such protections as are afforded to an insurer pursuant to the provisions of chapter 696B of NRS pertaining to summary proceedings.

     (Added to NAC by Comm’r of Insurance by R088-97, eff. 3-19-98)