Nevada § 693A.640 Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of reorganization

Nevada Statutes

§ 693A.640 — Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of reorganization

Nevada § 693A.640

Title 57INSURANCE

Ch. 693ACorporate

REORGANIZATION OF MUTUAL INTO STOCK INSURER

This text of Nevada § 693A.640 (Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of reorganization) 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.640 (2026).

Text

1.No director, officer, employee or agent of the mutual insurer, or any other person, may receive any fee, commission or other valuable consideration, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of reorganization except as set forth in the plan of reorganization approved by the Commissioner.

2.Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of reorganization and approved by the Commissioner to be adopted upon reorganization to the reorganized stock insurer or prohibit such a program to be adopted later by the reorganized stock insurer.

3.Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and in

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1. No director, officer, employee or agent of the mutual insurer, or any other person, may receive any fee, commission or other valuable consideration, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of reorganization except as set forth in the plan of reorganization approved by the Commissioner.
2. Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of reorganization and approved by the Commissioner to be adopted upon reorganization to the reorganized stock insurer or prohibit such a program to be adopted later by the reorganized stock insurer.
3. Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and investment bankers for services performed in the independent practice of their professions if the person is also a member of the board of directors of the mutual insurer.