Licensing of bank.
1. For the purposes of this section:
(a) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, is controlled by, or is under common control with, a bank.
(b) “Bank” means any institution that accepts deposits that the depositor has a legal right to withdraw on demand.
(c) “Financial holding company” means a bank holding company as defined in section 4(l)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841(l)(1).
(d) “Parent” means a person that owns or controls a bank, directly or indirectly, in whole or in part.
(e) “Subsidiary” means a person owned or controlled by a bank, directly or indirectly, in whole or in part.
2. A bank may be licensed as a producer of insurance in this state:
(a) To the extent permitted by Title V of Public Law 106-102, 15 U.S.C. §§ 6801 et seq.; and
(b) For credit insurance, as defined in NRS 690A.015, and credit property insurance.
3. A bank must not be licensed or admitted as an insurer.
4. The provisions of subsection 3 do not prohibit the licensing by the Commissioner of an affiliate, financial holding company, parent or subsidiary of a bank to sell insurance or be admitted as an insurer.
Last modified: February 27, 2006