1.  A foreign or alien society shall not transact business in this state without a license issued by the Commissioner.

Terms Used In Nevada Revised Statutes 695A.300

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Oath: A promise to tell the truth.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC

2.  A foreign or alien society may be licensed to transact business in this state upon a showing that its assets are invested in accordance with the provisions of this chapter and upon filing with the Commissioner:

(a) A duly certified copy of its laws, certified by its secretary or corresponding officer;

(b) A power of attorney to the Commissioner as prescribed in NRS 695A.400;

(c) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the Commissioner, duly verified by an examination made by the supervising insurance officer of its home state or other state, territory, province or country, satisfactory to the Commissioner of this state;

(d) Certification from the proper officer of its home state, territory, province or country that the society is legally incorporated and licensed to transact business therein;

(e) Copies of its certificate forms; and

(f) Such other information as the Commissioner may deem necessary.

3.  Any foreign or alien society desiring admission to this state must comply substantially with the requirements and limitations of this chapter applicable to domestic societies.

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