NRS 682B.120 Duration and release of deposit.

276 words·~1 min read·/nv/chapter-682b-deposits/682b-120

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Every deposit made in this state by an insurer pursuant to this Code shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if the deposit is required under NRS 680A.330 (retaliatory provision), the deposit shall be held for so long as the basis of such retaliation exists.

2. If the insurer has reinsured all its outstanding risks in another insurer or insurers, the Commissioner may deliver to such assuming insurer or its assigns, after the expiration of 1 year from the effective date of such reinsurance, any assets or securities deposited with the Commissioner under this Code by the ceding insurer upon proof satisfactory to the Commissioner that:

(a)The assuming insurer has assumed and agreed to discharge all liabilities of every kind due and to become due which the deposit was to secure; and

(b)The assuming insurer has on deposit in this state, or with public authority in another state, securities of quality, amount and value not less than the deposit required of the ceding insurer under this Code and which will reasonably subsist for the security of the obligations of the ceding insurer so assumed.

3. If the insurer is subject to delinquency proceedings as defined in NRS 696B.060 , upon the order of a court of competent jurisdiction the Commissioner shall yield the insurer’s assets held on deposit to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated officer or officers who succeed to the management and control of the insurer’s assets.

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