§ 231A.220 — Limitations on relationship between insurer or affiliate and qualified community development entity or impact qualified community development entity

Nevada § 231A.220

• Jurisdiction: Nevada
• Title 18: STATE EXECUTIVE DEPARTMENT
• Ch. 231A: Nevada

Text

1. An insurer or an affiliate of an insurer may not:
(a) Manage a qualified community development entity or impact qualified community development entity; or
(b) Control the direction of equity investments for a qualified community development entity or impact qualified community development entity.
2. The provisions of subsection 1 apply to any entity described in subsection 1 regardless of whether the entity does business in this State.
3. This section does not preclude an entity described in subsection 1 from exercising legal rights or remedies, including the interim management of a qualified community development entity or impact qualified community development entity, with respect to a qualified community development entity or impact qualified community development entity that is in default of any statutory or contractual obligations to the entity described in subsection 1.
4. This chapter does not limit the amount of nonvoting equity interests in a qualified community development entity or impact qualified community development entity that an entity described in subsection 1 may own.
5. For the purposes of this section:
(a) “Affiliate of an insurer” has the meaning ascribed to the term “affiliate” in NRS 692C.030 .
(b) “Insurer” has the meaning ascribed to it in NRS 679A.100 .

Legislative History

(Added to NRS by 2013, 3448 ; A 2023, 3359 )