Nevada § 696B.540 Summary proceedings: Seizure under Commissioner’s order

Nevada Statutes

§ 696B.540 — Summary proceedings: Seizure under Commissioner’s order

Nevada § 696B.540

Title 57INSURANCE

Ch. 696BDelinquent

This text of Nevada § 696B.540 (Summary proceedings: Seizure under Commissioner’s order) 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. § 696B.540 (2026).

Text

1.If it appears to the Commissioner that the interests of policyholders, creditors or the public will be jeopardized by delay incident to requesting a court seizure order, then on any ground which would justify a court seizure order under NRS 696B.530 , and without notice and without applying to the court, the Commissioner may issue a seizure order which must contain a statement verified by the Commissioner of the grounds of the Commissioner’s action. As directed by the seizure order, the Commissioner’s representatives shall forthwith take possession and control of all or part of the property, books, accounts and records of the insurer, and of the premises occupied by the insurer for transaction of its business. The Commissioner shall retain possession and control until the order is vacat

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1. If it appears to the Commissioner that the interests of policyholders, creditors or the public will be jeopardized by delay incident to requesting a court seizure order, then on any ground which would justify a court seizure order under NRS 696B.530 , and without notice and without applying to the court, the Commissioner may issue a seizure order which must contain a statement verified by the Commissioner of the grounds of the Commissioner’s action. As directed by the seizure order, the Commissioner’s representatives shall forthwith take possession and control of all or part of the property, books, accounts and records of the insurer, and of the premises occupied by the insurer for transaction of its business. The Commissioner shall retain possession and control until the order is vacated or is replaced by an order of court pursuant to subsection 2, or pursuant to a formal proceeding under this chapter.
2. At any time after seizure under subsection 1, the insurer may apply to the district court for Carson City. The court shall thereupon order the Commissioner to appear forthwith and shall thereafter proceed as if the order were a court seizure order issued under NRS 696B.530 .
3. Every peace officer of this state shall assist the Commissioner in making and enforcing any such seizure, and every sheriff and police department shall furnish the Commissioner with such deputies, patrol officers or other officers as are necessary for the purpose.
4. Entry of a seizure order under this section does not constitute an anticipatory breach of any contract of the insurer.