Acquisition or merger: Filing requirements; approval by Commissioner.
1. No person other than the issuer may make a tender for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire or acquire in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, he would directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of the insurer, nor may any person enter into an agreement to merge with or otherwise acquire control of a domestic insurer, unless, at the time any such offer, request or invitation is made or any such agreement is entered into, or before the acquisition of those securities if no offer or agreement is involved, he has filed with the Commissioner and has sent to the insurer, and the insurer has sent to its shareholders, a statement containing the information required by NRS 692C.180 to 692C.250, inclusive, and the offer, request, invitation, agreement or acquisition has been approved by the Commissioner in the manner prescribed in this chapter.
2. For purposes of this section, a domestic insurer includes any other person controlling a domestic insurer unless the other person is directly or through his affiliates primarily engaged in a business other than the business of insurance. If a person is directly or through his affiliates primarily engaged in a business other than the business of insurance, he shall, at least 60 days before the proposed effective date of the acquisition, file a notice of intent to acquire with the Commissioner setting forth the information required by NRS 692C.254.
Last modified: February 27, 2006