NAC681B.550. Action by Commissioner; taking of action pursuant to chapter 696B of NRS.

     1. Except as otherwise provided in this section, if an event that requires mandatory control occurs:

     (a) If the insurer is a life and health insurer, the Commissioner will 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.

     (b) If the insurer is a property and casualty insurer, the Commissioner:

          (1) Will 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; or

          (2) May, if the property and casualty insurer is allowing its existing business in this State to expire and is not marketing or writing additional business in this State, allow the insurer to continue the termination of its business in this State under the supervision of the Commissioner.

     2. An event that requires mandatory 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, 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. The Commissioner may delay taking action pursuant to this section for not more than 90 days after the occurrence of the event that requires mandatory control if the Commissioner reasonably determines that the conditions which created the event will be eliminated during that period.

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