Nevada Administrative Code
Chapter 679B - Commissioner of Insurance
INSURANCE RECOVERY ACCOUNT
Section 679B.090 - Contents of petition; decision of court

Universal Citation: NV Admin Code 679B.090

Current through September 16, 2024

1. A petition for payment must contain copies of the documents of the court which show, to the satisfaction of the Commissioner, the grounds for the final judgment. The petition must also:

(a) Show that a special verdict or a general verdict with written interrogatories was rendered in accordance with Rule 49 of Nevada Rules of Civil Procedure;

(b) Show that findings of fact and conclusions of law were made pursuant to Rule 52 of Nevada Rules of Civil Procedure; or

(c) If the court does not make findings of fact and conclusions of law, provide proof that the final judgment or evidence included in the petition demonstrates that the ground for the final judgment was the commission by the licensee of any of the acts described in subsection 2.

2. Except as otherwise provided in this subsection, the decision of the court must include a specific finding by the court that the licensee perpetrated fraud, intentional misrepresentation, embezzlement or deceit on the petitioner in connection with a transaction for which the licensee was licensed. If the decision of the court does not include a specific finding, sufficient evidence that the licensee committed any of the acts set forth in this subsection must be presented to the Commissioner. The Commissioner will accept copies of verdicts and findings from federal and state courts including findings made pursuant to Title 11 of the United States Code relating to the discharge of the bankrupt, if he or she determines that there is a final judgment which includes a specific finding of fraud, intentional misrepresentation, embezzlement or deceit on the part of the licensee.

3. The petitioner must verify under oath or affirm in his or her petition that:

(a) The petitioner is not the spouse of the licensee or the personal representative of that spouse;

(b) The petitioner has complied with all of the requirements of NRS 679B.305 and NAC 679B.041 to 679B.151, inclusive;

(c) The petitioner has obtained a final judgment, stating the amount of the judgment and the amount owing on it at the time of the petition;

(d) A writ of execution has been issued upon the final judgment and no assets of the licensee liable to execution could be found, or the amount realized on the sale of assets was insufficient to satisfy the final judgment, stating the amount realized and the balance due;

(e) Searches and inquiries have been made to ascertain whether the licensee possesses real or personal property or other assets which may be sold or applied in satisfaction of the judgment and must include a specific description of those searches and inquiries; and

(f) The petition has been filed not more than 12 months after the termination of all proceedings, including reviews and appeals, in connection with the final judgment.

Added to NAC by Comm'r of Insurance, eff. 3-18-82; A by R152-99, 1-28-2000

NRS 679B.305

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