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.
Last modified: February 27, 2006