NRS692B.220. Mutual insurers: Qualifying applications for insurance.

      1.  Upon issuance of the required solicitation permit, the proposed insurer may commence solicitation of requisite applications for insurance policies and may receive deposits of premiums thereon.

      2.  All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state.

      3.  All such applications shall provide that:

      (a) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;

      (b) No insurance is in effect unless and until the certificate of authority has been issued;

      (c) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before expiration or other termination of the solicitation permit; and

      (d) All qualifying premiums shall be paid in cash.

      4.  Solicitations for such qualifying applications for insurance shall be by licensed agents of the corporation; and the Commissioner shall upon the corporation’s request therefor and fulfillment of the requirements applicable under chapter 683A of NRS (agents, brokers and solicitors), license as agents of the corporation individuals qualified therefor under, and subject to, such sections.

      (Added to NRS by 1971, 1795)