The provisions of this chapter apply to any acquisition in which a change in control of an insurer who is authorized to do business in this state occurs, except:
1. An acquisition that is subject to approval or disapproval by the Commissioner pursuant to NRS 692C.180 to 692C.250, inclusive.
2. A purchase of securities solely for investment purposes if the securities are not used for voting or not otherwise used to cause or attempt to cause a substantial lessening of competition in any insurance market in this state, except that, if a purchase of securities creates a presumption of control of the insurer pursuant to subsection 2 of NRS 692C.050, the purchase is not solely for investment purposes unless the commissioner of insurance of the insurer’s state of domicile:
(a) Accepts a disclaimer of control or affirmatively finds that control does not exist; and
(b) Submits the accepted disclaimer or a statement setting forth the affirmative finding to the Commissioner.
3. An acquisition of a person by another person if:
(a) Each of those persons is not directly or through an affiliate primarily engaged in the business of insurance; and
(b) At least 30 days before the effective date of the acquisition, a notice is filed with the Commissioner in accordance with NRS 692C.254, if required.
4. An acquisition by a person of an affiliate of that person.
5. An acquisition that does not immediately cause:
(a) The combined market share of the involved insurers to exceed 5 percent of the total market;
(b) An increase in any market share; or
(c) For any market:
(1) The combined market share of the involved insurers to exceed 12 percent of the total market; and
(2) The market share to increase by more than 2 percent of the total market.
As used in this subsection, "market" means direct written premiums in this state for a line of authority set forth in the annual statement required to be filed by insurers authorized to do business in this state.
6. An acquisition for which, solely because of the effect of the acquisition on ocean marine insurance, a notification is required pursuant to this section.
7. An acquisition of an insurer whose domiciliary commissioner of insurance:
(a) Determines that:
(1) The insurer is in a failing condition;
(2) A feasible alternative for improving that condition does not exist; and
(3) The public benefit received from improving that condition through the acquisition of the insurer outweighs the public benefit received from increasing competition; and
(b) Submits a determination by the domiciliary commissioner of insurance made pursuant to paragraph (a) to the Commissioner.
(Added to NRS by 2003, 3318)