§ 692C.350 — Violations; penalties

Nevada § 692C.350

• Jurisdiction: Nevada
• Title 57: INSURANCE
• Ch. 692C: Holding

Text

1. The failure to file a registration statement or summary or any amendment thereto, or a report of enterprise risk, required by NRS 692C.260 to 692C.350 , inclusive, within the time specified for the filing is a violation of NRS 692C.260 to 692C.350 , inclusive.
2. Except as otherwise provided in subsection 3, if an insurer fails, without just cause, to file a registration statement required pursuant to NRS 692C.270 to 692C.350 , inclusive, the insurer shall, after receiving notice and a hearing, pay a civil penalty of $100 for each day the insurer fails to file the registration statement. The civil penalty may be recovered in a civil action brought by the Commissioner. Any civil penalty paid pursuant to this subsection must be deposited in the State General Fund.
3. The maximum civil penalty that may be imposed pursuant to subsection 2 is $20,000. The Commissioner may reduce the amount of the civil penalty if the insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer.
4. Any officer, director or employee of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statement, false report or false filing with the intent to deceive the Commissioner in the performance of his or her duties pursuant to NRS 692C.260 to 692C.350 , inclusive, is guilty of a category D felony and shall be punished as provided in NRS 193.130 . The officer, director or employee is personally liable for any fine imposed against the officer, director or employee pursuant to that section.

Legislative History

(Added to NRS by 1973, 1046 ; A 2003, 3327 ; 2015, 3501 )