Nevada § 692C.3548 Prohibited acts; penalties

Nevada Statutes

§ 692C.3548 — Prohibited acts; penalties

Nevada § 692C.3548

Title 57INSURANCE

Ch. 692CHolding

RISK MANAGEMENT AND OWN RISK AND SOLVENCY ASSESSMENT

This text of Nevada § 692C.3548 (Prohibited acts; penalties) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 692C.3548 (2026).

Text

1.The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548 , inclusive, within the time specified for the filing is a violation of those sections.

2.Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548 , inclusive, the insurer or group insurer, as applicable, shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or group insurer fails to file the ORSA Summary Report. 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

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1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548 , inclusive, within the time specified for the filing is a violation of those sections.
2. Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548 , inclusive, the insurer or group insurer, as applicable, shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or group insurer fails to file the ORSA Summary Report. 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 $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or group insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer or group insurer, as applicable.