Nev. Rev. Stat. § 692C.400

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 692C.400 - Extraordinary distributions to shareholders: Conditional declaration

Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner's approval thereof, and such a declaration shall confer no rights upon shareholders until:

1. The Commissioner has approved the payment of such dividend or distribution; or

2. The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390.

NRS 692C.400

Added to NRS by 1973, 1047