682B.050 - Custodial arrangements. - Nevada Statutes

682B.050  Custodial arrangements.

      1.  In lieu of a deposit made as provided in NRS 682B.040, the Commissioner in his or her discretion may, upon written request of the insurer and where of greater convenience to the insurer, permit such deposit to be made with and held by the trust department of an established bank or credit union located in Nevada if both the bank or credit union and the custodial arrangements are approved by the Commissioner.

      2.  All such custodial arrangements shall comply in substance with the requirements of this Code as to like deposits through the Commissioner, as to amount, purposes, maintenance, replenishment, release and withdrawal, and as to the rights of the insurer therein.

      3.  The cost of any such custodianship shall be borne by the insurer. The State of Nevada shall have no responsibility for the safekeeping of any such deposit.

      4.  The Commissioner may at any time, in his or her discretion, terminate any such custodial arrangement and require the deposit represented thereby to be made as otherwise provided for under NRS 682B.010 to 682B.120, inclusive.

      (Added to NRS by 1971, 1630; A 1999, 1548)