missioner shall suspend or revoke an insurer’s certificate of authority on any of the following grounds if he finds after a hearing thereon that the insurer: (a) Is in unsound condition, is being fraudulently conducted, or is in such a condition or is using such methods and practices in the conduct of its business as to render its further transaction of insurance in this State currently or prospectively hazardous or injurious to policyholders or to the public. (b) With such frequency as to indicate its general business practice in this State: (1) Has without just cause failed to pay, or delayed payment of, claims arising under its policies, whether the claims are in favor of an insured or in favor of a third person with respect to the liability of an insured to the third person; or (2) Without just cause compels insureds or claimants to accept less than the amount due them or to employ attorneys or to bring suit against the insurer or such an insured to secure full payment or settlement of such claims. (c) Refuses to be examined, or its directors, officers, employees or representatives refuse to submit to examination relative to its affairs, or to produce its books, papers, records, contracts, correspondence or other documents for examination by the Commissioner when required, or refuse to perform any legal obligation relative to the examination. (d) Except as otherwise provided in NRS 681A.110, has reinsured all its risks in their entirety in another insurer. (e) Has failed to pay any final judgment rendered against it in this State upon any policy, bond, recognizance or undertaking as issued or guaranteed by it, within 30 days after the judgment became final or within 30 days after dismissal of an appeal before final determination, whichever date is the later. 3. The Commissioner may, without advance notice or a hearing thereon, immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation or other delinquency proceedings have been commenced in any state by the public officer who supervises insurance for that state. 4. No proceeding to suspend, limit or revoke a certificate of authority pursuant to this section may be maintained unless it is commenced by the giving of notice to the insurer within 5 years after the occurrence of the charged act or omission. This limitation does not apply if the Commissioner finds fraudulent or willful evasion of taxes. (Added to NRS by 1971, 1584; A 1983, 431; 1991, 808; 1995, 1613, 1754; 1997, 530; 1999, 1734) NRS 680A.205 Determination of hazardous financial condition of insurer: Regulations; hearing; disciplinary actions; review of order. 1. The Commissioner may adopt regulations to define when an insurer is considered to be in a hazardous financial condition and to set forth the standards to be considered by the Commissioner in determining whether the continued operation of an insurer transacting business in this state may be considered to be hazardous to its policyholders or creditors or to the general public. 2. If the Commissioner determines after a hearing that any insurer is in a hazardous financial condition, he may, instead of suspending or revoking the insurer’s certificate of authority, limit the insurer’s certificate of authority as he deems reasonably necessary to correct, eliminate or remedy any conduct, condition or ground that is deemed to be a cause of the hazardous financial condition. 3. An order or decision of the Commissioner under this section is subject to review in accordance with NRS 679B.310 to 679B.370, inclusive, at the request of any party to the proceedings whose interests are substantially affected. (Added to NRS by 1995, 1752) NRS 680A.210 Order and notice of suspension, limitation or revocation of certificate; effect on agents’ authority. 1. All suspensions, limitations or revocations of, or refusals to continue, an insurer’s certificate of authority must be by the Commissioner’s order given to the insurer. 2. Upon issuance of the order, the Commissioner shall forthwith give notice thereof to the insurer’s agents in this state, of record in the Division, and shall also suspend, limit or revoke the authority of such agents to represent the insurer. (Added to NRS by 1971, 1585; A 1991, 1621; 1993, 1904) NRS 680A.220 Duration of suspension; insurer’s obligations during suspension period; reinstatement. 1. Suspension of an insurer’s certificate of authority must be for such period as the Commissioner specifies in the order of suspension, but not to exceed 1 year. During the suspension period the Commissioner may rescind or shorten the suspension by his further order. 2. During the suspension period the insurer shall not solicit or write any new business in this state, but must file its annual statement, pay fees, licenses and taxes as required under this Code, and may service its business already in force in this state, as if the certificate of authority had continued in full force. 3. Upon expiration of the suspension period, if within such period the certificate of authority has not terminated, the insurer’s certificate of authority is automatically reinstated unless the Commissioner finds that the causes of the suspension, being other than a past event, are continuing, or that the insurer is otherwise not in compliance with the requirements of this Code, and of which the Commissioner shall give the insurer notice not less than 30 days in advance of expiration of the suspension period. 4. Upon reinstatement of the insurer’s certificate of authority, the authority of its agents in this state to represent the insurer is also reinstated. The Commissioner shall promptly notify the insurer and its agents in this state, of record in the Division, of such reinstatement. (Added to NRS by 1971, 1586; A 1991, 1621; 1993, 1904) NRS 680A.230 Applicability of general corporation laws to foreign insurers. The general corporation laws of this state do not apply to foreign insurers holding certificates of authority to transact insurance in this state, except as otherwise provided in NRS 80.190. (Added to NRS by 1971, 1586; A 1971, 1933; 1987, 1063; 1989, 627; 1991, 1318) NRS 680A.240 Additional titles. 1. A property insurer or multiple line insurer authorized to transact insurance in Nevada shall have the right to issue property insurance policies under its own name and under additional “titles” or under additional “titles” duly registered by the insurer with the Commissioner. 2. The Commissioner shall, upon the insurer’s request, furnish to the insurer the form required for such registration, and the insurer shall pay the fee for registration as specified in NRS 680B.010 (fee schedule). Registered titles shall be shown on the insurer’s certificate of authority and shall remain in effect for so long as the insurer’s certificate of authority is in effect, subject to earlier termination of the registration at the insurer’s request. 3. All business transacted by the insurer under additional titles shall be included in business and transactions of the insurer to be shown by its annual statement filed with the Commissioner, for all purposes under this Code. (Added to NRS by 1971, 1586) NRS 680A.250 Commissioner agent for service of process for certain insurers. 1. Before the Commissioner may authorize it to transact insurance in this state, each insurer must appoint the Commissioner, and his successors in office, as its attorney to receive service of legal process issued against the insurer in this state. The appointment must be made on a form as designated and furnished by the Commissioner, and must be accompanied by a copy of a resolution of the board of directors or like governing body of the insurer, if an incorporated insurer, showing that those officers who executed the appo

Vegas Law