Action by Commissioner on proposed plan; notice and expiration of approval.
1. The Commissioner shall issue an order approving or disapproving a proposed plan of reorganization not later than 30 days after the public hearing required by NRS 693A.585.
2. The Commissioner shall not approve a proposed plan of reorganization unless he finds that the:
(a) Plan of reorganization is fair and equitable to the policyholders;
(b) Plan of reorganization does not deprive the policyholders of their property rights or due process of law;
(c) Reorganized stock insurer meets the minimum requirements for a certificate of authority to transact the business of insurance in this state; and
(d) Continued operation of the reorganized stock insurer is not hazardous to future policyholders and the public.
3. If the Commissioner approves a plan of reorganization, the Commissioner shall publish notification of the issuance of the order in a newspaper of general circulation in Carson City and in the county of domicile of the mutual insurer if different from Carson City.
4. If the Commissioner approves a plan of reorganization, the approval expires if the reorganization is not completed within 180 days after the date of approval, unless the period is extended by the Commissioner for good cause.
5. If the Commissioner disapproves a plan of reorganization, the Commissioner shall issue an order setting forth specific findings for the disapproval.
Last modified: February 27, 2006