NAC693A.010. Application of provisions.

The provisions of NAC 693A.010 to 693A.560, inclusive, apply to each domestic stock insurer which has any class of equity security held of record by 100 or more persons, except:

     1. If 95 percent or more of the equity securities of the insurer are owned or controlled by a parent or an affiliated insurer, and the remaining securities are held of record by fewer than 500 persons.

     2. A domestic stock insurer which files with the United States Securities and Exchange Commission forms of proxies, consents and authorizations which comply with the requirements to the Securities Exchange Act of 1934 as amended, (15 U.S.C. §§ 77a, et seq.), and applicable regulations, is exempt from the provisions of NAC 693A.010 to 693A.560, inclusive, with respect to any class of securities subject to the jurisdiction of the Securities and Exchange Commission.

     [Comm’r of Insurance, M-4 § 1, eff. 5-13-72]—(NAC A 6-28-96)