NRS 682A.315 Limitation on time for admitted asset acquired by exemption.
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NRS 682A.315 Limitation on time for admitted asset acquired by exemption.
1. An investment, or portion of an investment, acquired by an insurer in accordance with NRS 682A.310 becomes a nonadmitted asset 3 years, or 5 years in the case of mortgage loans and real estate, after the date of its acquisition, unless within that period the investment has become a qualified investment in accordance with a provision of this chapter, other than NRS 682A.310 , but an investment acquired in accordance with an agreement of bulk reinsurance, merger or consolidation may be qualified for a longer period if so provided in the plan for reinsurance, merger or consolidation as approved by the Commissioner.
2. Upon application by the insurer, and a showing that the nonadmission of an asset held in accordance with NRS 682A.310 would materially injure the interests of the insurer, the Commissioner may extend the period of admissibility for an additional reasonable period of time.