Nev. Rev. Stat. § 693A.640
Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of reorganization
Nevada · Nevada Revised Statutes Chapter 693A — Corporate Powers and Procedures of Domestic Stock and Mutual Insurers · Status: effective
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- Citation
- Nev. Rev. Stat. § 693A.640, Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of reorganization, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2149143
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Full text
1. No director, officer, employee or agent of the mutual insurer, or any other person, may receive any fee, commission or other valuable consideration, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of reorganization except as set forth in the plan of reorganization approved by the Commissioner.
2. Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of reorganization and approved by the Commissioner to be adopted upon reorganization to the reorganized stock insurer or prohibit such a program to be adopted later by the reorganized stock insurer.
3. Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and investment bankers for services performed in the independent practice of their professions if the person is also a member of the board of directors of the mutual insurer.