Nev. Admin. Code § 616B.598 - Requests for approval of declaration of dividend and for approval of distribution of dividend
1. An association
must submit a request for approval of a declaration of a dividend to the
Commissioner not less than 30 days before the proposed date of the declaration
of the dividend.
2. An association
must submit a request for approval of a distribution of a dividend to the
Commissioner not less than 30 days before the proposed date of the distribution
of the dividend.
3. A request for
approval of a distribution of a dividend submitted by an association pursuant
to subsection 2 must include:
(a) An actuarial
analysis of loss reserves that was prepared by a member of the American Academy
of Actuaries not more than 90 days before the date that the request is
submitted pursuant to subsection 2;
(b) An analysis of the assets and obligations
of the association by fund year that was prepared by the association on a form
approved by the Commissioner and includes a detail of the unrealized gains and
losses of the association;
(c) The
proposed date of the distribution of the dividend;
(d) The amount of the dividend by fund
year;
(e) A copy of the most recent
financial statements of the association;
(f) Any other information or report that the
Commissioner determines to be necessary to evaluate the request; and
(g) If an association has a deficit in any
fund year, a plan for making up the deficit of the association that meets the
requirements of
NRS
616B.422.
4. As used in this section:
(a) "Dividend" means any distribution of
earnings or retained earnings, in the form of money or property, from an
association to the members of the association.
(b) "Fund year" means the fiscal year used by
an association for the purposes of financial reporting.
Notes
NRS 616B.446, 679B.130
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