Nevada Revised Statutes 683A.231 – Licensing of bank
1. For the purposes of this section:
Terms Used In Nevada Revised Statutes 683A.231
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(a) ’Affiliate’ means a person that directly, or indirectly through one or more intermediaries, is controlled by, or is under common control with, a bank.
(b) ’Bank’ means any institution that accepts deposits that the depositor has a legal right to withdraw on demand.
(c) ’Financial holding company’ means a bank holding company as defined in section 4(l)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841(l)(1).
(d) ’Parent’ means a person that owns or controls a bank, directly or indirectly, in whole or in part.
(e) ’Subsidiary’ means a person owned or controlled by a bank, directly or indirectly, in whole or in part.
2. A bank may be licensed as a producer of insurance in this state:
(a) To the extent permitted by Title V of Public Law 106-102, 15 U.S.C. § 6801 et seq.; and
(b) For credit insurance, as defined in NRS 690A.015, and credit property insurance.
3. A bank must not be licensed or admitted as an insurer.
4. The provisions of subsection 3 do not prohibit the licensing by the Commissioner of an affiliate, financial holding company, parent or subsidiary of a bank to sell insurance or be admitted as an insurer.