Removal or concealment of records or assets.
1. A person shall not remove all or any material part of the records or assets of a domestic insurer from this state except pursuant to a plan of merger, consolidation or bulk reinsurance approved by the Commissioner under this Code, or for such other reasonable purposes and periods of time as may be permissible under NRS 693A.050 and 693A.060, or as may have been approved by the Commissioner in writing in advance of such removal.
2. A person shall not conceal any such records or assets from the Commissioner.
3. A person who unlawfully removes or attempts to remove such records or assets or such material part thereof from the principal place of business of the insurer or place of safekeeping thereof, or who unlawfully conceals or attempts to conceal the same from the Commissioner, is guilty of a category D felony and shall be punished as provided in NRS 193.130.
4. Upon any unlawful removal or attempted removal of such records or assets, or upon retention of such records or assets or material part thereof outside this state in violation of the terms of the applicable consent of the Commissioner, or upon any unlawful concealment of or attempt to conceal records or assets, the Commissioner may, in his discretion, institute delinquency proceedings against the insurer pursuant to chapter 696B of NRS (conservation, rehabilitation and liquidation).
Last modified: February 27, 2006