Nevada § 692C.404 Liability of person who controlled insurer or affiliate at time distributions were paid or declared

Nevada Statutes

§ 692C.404 — Liability of person who controlled insurer or affiliate at time distributions were paid or declared

Nevada § 692C.404

Title 57INSURANCE

Ch. 692CHolding

MISCELLANEOUS PROVISIONS

This text of Nevada § 692C.404 (Liability of person who controlled insurer or affiliate at time distributions were paid or declared) 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.404 (2026).

Text

1.A person who was a parent corporation or holding company, or a person who otherwise controlled the insurer or affiliate, at the time the distributions were paid is liable up to the amount of distributions or payments the person received. Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions the person would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.

2.The maximum amount recoverable under this section and NRS 692C.402 is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and

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1. A person who was a parent corporation or holding company, or a person who otherwise controlled the insurer or affiliate, at the time the distributions were paid is liable up to the amount of distributions or payments the person received. Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions the person would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.
2. The maximum amount recoverable under this section and NRS 692C.402 is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
3. To the extent that any person liable under this section is insolvent or otherwise fails to pay claims due from it pursuant to this section, its parent corporation or holding company, or person who otherwise controlled it, at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company, or person who otherwise controlled the insurer.