Nev. Rev. Stat. » NRS: CHAPTER 696B - DELINQUENT INSURERS: CONSERVATION, REHABILITATION AND LIQUIDATION
Nevada Revised Statutes

Nev. Rev. Stat. § 696B.440 (2026)

Offsets

✓ current as of July 2026
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NRS 696B.440  Offsets.

      1.  Except as provided in subsection 2, in all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be setoff and the balance only shall be allowed or paid.

      2.  No offset shall be allowed in favor of any such person where:

      (a) The obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise, as provided in NRS 696B.400, entitle him or her to share as a claimant in the assets of the insurer;

      (b) The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset; or

      (c) The obligation of such person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.

      (Added to NRS by 1971, 1899)

     

Notes of Decisions
Cited in 2 cases (2 in the last 5 years), 2021–2024 · leading case: Richardson v. United States, 110 F.4th 1375 (Fed. Cir. 2024).
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Richardson v. United States, 110 F.4th 1375 (Fed. Cir. 2024). “20 (cit- ing Nev. Rev. Stat. § 696B.440(1)), it concedes that the par- ties did waive offset rights for at least the Solvency Loan.”
Richardson v. United States (Fed. Cl. 2021). “at 2, that there is no inherent inconsistency between the assertion of an offset pursuant to the Nevada Offset Statute, Nev. Rev. Stat. § 696B.440, and the priority scheme reflected in the Nevada Priority Statute, Nev.”
— Nev. Rev. Stat. § 696B.440(1) — 1 case
Richardson v. United States, 110 F.4th 1375 (Fed. Cir. 2024). “20 (cit- ing Nev. Rev. Stat. § 696B.440(1)), it concedes that the par- ties did waive offset rights for at least the Solvency Loan.”
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