1. For the purposes of this section: (a) 'Affiliate' means a person that directly, or indirectly through one or more intermediaries, is controlled by, or is under common control with, a bank. (b) 'Bank' means any institution that accepts deposits that the depositor has a legal right to withdraw on demand. (c) 'Financial holding company' means a bank holding company as defined in section 4(l)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841(l)(1). (d) 'Parent' means a person that owns or controls a bank, directly or indirectly, in whole or in part. (e) 'Subsidiary' means a person owned or controlled by a bank, directly or indirectly, in whole or in part. 2. A bank may be licensed as a producer of insurance in this state: (a) To the extent permitted by Title V of Public Law 106-102, 15 U.S.C. §§ 6801 et seq.; and (b) For credit insurance, as defined in NRS 690A.015, and credit property insurance. 3. A bank must not be licensed or admitted as an insurer. 4. The provisions of subsection 3 do not prohibit the licensing by the Commissioner of an affiliate, financial holding company, parent or subsidiary of a bank to sell insurance or be admitted as an insurer. provisions of subsection 3 do not prohibit the licensing by the Commissioner of an affiliate, financial holding company, parent or subsidiary of a bank to sell insurance or be admitted as an insurer. (Added to NRS by 1971, 1638; A 1987, 2285; 1993, 2281; 1995, 1614; 1997, 782; 2001, 2204)
Nevada Legal Code