NAC681A.335. Exhaustion of specific security required before presentation of claim for payment from trust account.

A specific security provided to a ceding insurer by an assuming insurer in accordance with NRS 681A.240 must be applied, until exhausted, for the payment of liabilities of the assuming insurer to the ceding insurer holding the specific security before, and as a condition precedent to, the presentation of a claim by the ceding insurer for payment by a trustee of a trust established by the assuming insurer in accordance with NAC 681A.320 and 681A.325.

     (Added to NAC by Comm’r of Insurance by R027-02, eff. 5-31-2002)