NAC616B.549. Deposit of bond by third-party administrator of association; maximum amount of bond; filing of statement regarding association’s money.

     1. Except as otherwise provided in subsection 2, a third-party administrator of an association shall deposit with the Commissioner a bond in the amount of $1,000 for each $100,000, or portion thereof, of the association’s money which he or she will control in the next calendar year, less the amount of any bond that he or she must file pursuant to NRS 683A.0857. The Commissioner may require a third-party administrator to increase the amount of the bond if there is an increase in the amount of the association’s money that he or she controls.

     2. The maximum bond required pursuant to this section is $1,000,000.

     3. On or before April 1 of each year, a third-party administrator of an association shall file with the Commissioner a statement of the actual amount of the association’s money that he or she controlled in the previous calendar year and the amount of the association’s money that he or she expects to control in the next calendar year.

     (Added to NAC by Comm’r of Insurance, eff. 3-22-96; A by R139-99, 1-27-2000)