682B.150 - Trust agreement: Approval. - Nevada Statutes

682B.150  Trust agreement: Approval.

      1.  The deposit referred to in NRS 682B.130 shall be made and maintained under a written trust agreement between the insurer and the trustee, consistent with the requirements of NRS 682B.130 to 682B.250, inclusive, and shall be authenticated in such form and manner as the Commissioner may designate or approve.

      2.  The agreement shall not be effective until filed with and approved by the Commissioner in writing. The Commissioner shall not approve any trust agreement found by the Commissioner not to be in compliance with law, or the terms of which do not in fact provide reasonably adequate protection for the insurer’s policyholders or policyholders and creditors in the United States of America.

      (Added to NRS by 1971, 1633)