A domestic insurer shall have the right to purchase or acquire shares of its own stock only as follows:
1. For elimination of fractional shares.
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
3. For the purposes of a general savings and investment plan for employees of the insurer.
4. For mutualization of the insurer, as provided in NRS 693A.290.
5. For purposes as stated under a plan for such acquisition submitted to and approved in writing by the Commissioner. The Commissioner shall not approve a plan unless found by the Commissioner to be for proper purposes, to be reasonable, fair and equitable as to the remaining stockholders of the insurer, and not materially adverse to the protection of the insurer’s policyholders.
6. As the result of a gift or bequest of the shares to the insurer.
7. By call for redemption and cancellation of a callable class of stock in accordance with provisions of the insurer’s articles of incorporation.
(Added to NRS by 1971, 1804)