Nevada § 693A.170 Purchase of own shares by stock insurer

Nevada Statutes

§ 693A.170 — Purchase of own shares by stock insurer

Nevada § 693A.170

Title 57INSURANCE

Ch. 693ACorporate

GENERAL PROVISIONS

This text of Nevada § 693A.170 (Purchase of own shares by stock insurer) 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. § 693A.170 (2026).

Text

A domestic insurer shall have the right to purchase or acquire shares of its own stock only as follows:

1.For elimination of fractional shares.

2.Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.

3.For the purposes of a general savings and investment plan for employees of the insurer.

4.For mutualization of the insurer, as provided in NRS 693A.290 .

5.For purposes as stated under a plan for such acquisition submitted to and approved in writing by the Commissioner. The Commissioner shall not approve a plan unless found by the Commissioner to be for proper purposes, to be reasonable, fair and equitable as to the remaining stockholders of the insurer, and

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A domestic insurer shall have the right to purchase or acquire shares of its own stock only as follows:
1. For elimination of fractional shares.
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
3. For the purposes of a general savings and investment plan for employees of the insurer.
4. For mutualization of the insurer, as provided in NRS 693A.290 .
5. For purposes as stated under a plan for such acquisition submitted to and approved in writing by the Commissioner. The Commissioner shall not approve a plan unless found by the Commissioner to be for proper purposes, to be reasonable, fair and equitable as to the remaining stockholders of the insurer, and not materially adverse to the protection of the insurer’s policyholders.
6. As the result of a gift or bequest of the shares to the insurer.
7. By call for redemption and cancellation of a callable class of stock in accordance with provisions of the insurer’s articles of incorporation.