Section 616B.540 - Required security deposit: Form; priority of payment in case of loss1. Except as otherwise provided in paragraph (e) of subsection 1 of NRS 616B.353, an association shall satisfy the requirement to make a security deposit by depositing with the Commissioner: (b) A savings certificate, certificate of deposit or investment certificate. Any such savings certificate, certificate of deposit or investment certificate must be from a financial institution that is insured federally, made payable to the Commissioner and the association.(c) A surety bond, if it is written by an insurer authorized and licensed to transact the business of surety insurance in this State.(d) A letter of credit that meets the standards set forth in NAC 616B.543.(e) Securities guaranteed by the full faith and credit of the United States.(f) Any combination of paragraphs (a) to (e), inclusive. Priority of payment in case of loss must be in the order stated in this subsection.
2. Securities guaranteed by the full faith and credit of the United States that are deposited in accordance with this section will be held in trust and administered by the Commissioner, unless: (a) The association elects to use the services of a custodial financial institution for trust investments; and(b) The custodial financial institution holds and administers the securities on behalf of the Commissioner under an agreement approved by the Commissioner. A deposit made pursuant to this subsection may not be withdrawn by the association without the express written consent of the Commissioner.
Nev. Admin. Code § 616B.540
Added to NAC by Comm'r of Insurance, eff. 3-22-96; A by R102-09, 1-28-2010; A by R095-17AP, eff. 2/27/2018NRS 616B.353, 616B.446 and 679B.130