Nevada Administrative Code (Last Updated: January 6, 2015)

NAC697.510. Cash accounts.

Latest version.

Subject to any contract to the contrary with a surety, a licensee may maintain cash collateral in an interest-bearing account with a bank, savings and loan association, thrift company or similar institution in this state, and may retain the interest earned on that money if:

     1. All such deposits are maintained separate from any other funds, except cash collateral funds;

     2. All such deposits are returned to the person who posted the money with the licensee promptly upon the termination of the liability for which the money was posted as security; and

     3. Any penalty or loss of interest for early withdrawal of collateral deposits is the responsibility of the licensee.

[Comm’r of Insurance, M-8 § XIII, eff. 11-22-78]

                    
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