NRS692B.250. Voluntary dissolution.

      1.  At any time prior to the issuance of a certificate of authority to a proposed domestic stock or mutual insurer, the incorporators may voluntarily surrender the articles of incorporation and the corporation may be voluntarily dissolved by written agreement filed with the Commissioner. The agreement shall be signed and verified by a majority of the incorporators, and shall be signed (without verification) by at least two-thirds of all persons who theretofore have become subscribers to or purchasers of securities of the corporation and (in the case of a proposed mutual insurer) by at least two-thirds of all persons who theretofore have applied for policies in the proposed insurer.

      2.  The Commissioner shall approve the surrender of such articles of incorporation and dissolution if upon investigation the Commissioner finds that:

      (a) No insurance business has been transacted by the corporation except (in the case of a proposed mutual insurer) for solicitation of qualifying applications for insurance;

      (b) Arrangements satisfactory to the Commissioner have been made for the return to subscribers, purchasers and applicants of all funds paid by them upon subscription or purchase of securities, or upon applications for insurance, under the solicitation permit theretofore held by the corporation, less (as to securities subscriptions and purchases) the part thereof actually and lawfully used for expenses; and

      (c) All obligations of the corporation have been paid or discharged.

      3.  The articles of incorporation so surrendered, together with the executed copy of the agreement, bearing thereon the endorsed approval of the Commissioner, shall be filed with the Secretary of State and thereupon the corporate existence of the corporation shall cease.

      4.  The provisions of NRS 696B.210 and 696B.220 (grounds for rehabilitation, liquidation of domestic insurer) do not apply to the voluntary dissolution of a proposed domestic insurer pursuant to this section.

      (Added to NRS by 1971, 1796)