Nev. Admin. Code § 669A.260 - Report of examination and independent review report; ratings; authorized enforcement actions and corrective action; retention or destruction of records by Division; confidentiality of reports
1. Within 60
days after the completion of an on-site examination or off-site examination of
a licensed family trust company or the filing of an independent review report,
the Division will prepare and deliver to the licensed family trust company a
report of examination that:
(a) Identifies
any deficiency or weakness which requires corrective action;
(b) Identifies any client complaint which
requires further response by the management of the licensed family trust
company; and
(c) Assigns a rating of
"satisfactory," "needs improvement" or "unsatisfactory" to the licensed family
trust company based on the results of the examination, the compliance of the
licensed family trust company with the provisions of this chapter and chapter
669A of NRS and the capability and willingness of the board and the management
of the licensed family trust company to take corrective
action.
2. The Division
will assign a rating of:
(a) "Satisfactory"
to a licensed family trust company that is fundamentally sound, complies with
the provisions of this chapter and chapter 669A of NRS in all substantial
respects and exhibits only moderate deficiencies or minor weaknesses which are
within the capability and willingness of the management of the licensed family
trust company to correct.
(b) "Needs
improvement" to a licensed family trust company that generally complies with
the provisions of this chapter and chapter 669A of NRS and exhibits some degree
of supervisory concern in one or more areas where moderate deficiencies or
weaknesses are present which are within the capability and willingness of the
board and the management of the licensed family trust company to
correct.
(c) "Unsatisfactory" to a
licensed family trust company that does not generally comply with the
provisions of this chapter and chapter 669A of NRS and exhibits some degree of
supervisory concern in one or more areas where a combination of deficiencies or
material weakness exists which may range from moderate to
severe.
3. The
Commissioner may, on the basis of an "unsatisfactory" rating:
(a) Revoke the license of the licensed family
trust company pursuant to
NRS
669A.280;
(b) Order the removal of any number of
persons from the management of the licensed family trust company pursuant to
NRS
669A.300;
(c) Impose and collect an administrative fine
pursuant to
NRS
669A.320; and
(d) Take any other enforcement action
authorized by law.
4. The
Commissioner may require a licensed family trust company that is assigned a
rating of "unsatisfactory" to submit to a compliance and periodic reporting
plan administered by the licensed family trust company or a third party to
enforce any corrective action identified in the examination. The Commissioner
may establish such terms and conditions for a compliance and periodic reporting
plan as he or she deems advisable and require the licensed family trust company
to pay all costs relating to the compliance and periodic reporting
plan.
5. The management of a
licensed family trust company shall provide the report of examination and the
management's written response to any corrective action required by the Division
to the board. If the report of examination rates the licensed family trust
company as "needs improvement" or "unsatisfactory," the management of the
licensed family trust company must comply with this subsection within 30 days
after receiving the report of examination.
6. If no action is pending against a licensed
family trust company as a result of an examination, the Division will securely
and confidentially maintain or destroy all documentation submitted in the
course of an examination, other than the documents required to be filed with
the Division, in accordance with the policies of the Division for the retention
and destruction of records.
7. A
report of examination and an independent review report are confidential and
subject to the provisions of
NRS
669A.310.
Notes
NRS 669A.270
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