NAC678.030. Fidelity bonds: General requirements.

     1. All fidelity bonds must provide coverage for the faithful performance of any officer or employee while carrying out any of the duties of the treasurer as prescribed in chapter 678 of NRS, the bylaws, or rules and regulations.

     2. No form of fidelity bond coverage may be used by a credit union except a form which is approved by the Commissioner.

     3. For the purpose of this section, forms of fidelity bond coverage for credit unions that are provided by surety companies authorized to do business in this State are approved.

     4. The Commissioner may require additional fidelity bond coverage for any credit union when, in his opinion, the bonds in force are insufficient to provide adequate coverage. The board of directors of the credit union shall obtain such additional coverage within 30 days after the date of written notice from the Commissioner.

     5. All surety companies writing credit union fidelity bonds must hold a Certificate of Authority from the Secretary of the Treasury pursuant to 31 U.S.C. §§ 9304-9308 as an acceptable surety on federal bonds in this State.

     6. The board of directors of each credit union shall provide proper protection to meet any circumstance described in subsection 1 of NRS 678.370 by obtaining adequate bond and insurance coverage.

     [Comm’r of Credit Unions, § B, subsecs. 2-6, eff. 8-12-76; A and renumbered as § C subsecs. 4-8, 12-14-78]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm’r of Financial Institutions by R002-00, 3-13-2000)