1. An investment shall not be deemed a foreign investment if the issuing person, qualified primary credit source or qualified guarantor is a domestic jurisdiction or a person domiciled in a domestic jurisdiction unless: (a) The issuing person is a shell business entity; and (b) The investment is not assumed, accepted, guaranteed or insured or otherwise backed by a domestic jurisdiction or a person, that is not a shell business entity, domiciled in a domestic jurisdiction. 2. For the purposes of this section: (a) 'Qualified guarantor' means a guarantor against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction. (b) 'Qualified primary credit source' means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction. (c) 'Shell business entity' means a business entity having no economic substance, except as a vehicle for owning interests in assets issued, owned or action can be brought in a domestic jurisdiction. (c) 'Shell business entity' means a business entity having no economic substance, except as a vehicle for owning interests in assets issued, owned or previously owned by a person domiciled in a foreign jurisdiction. (Added to NRS by 2015, 3427)
Nevada Legal Code