Nevada § 696A.080 Deposit and maintenance of security: Form; amount

Nevada Statutes

§ 696A.080 — Deposit and maintenance of security: Form; amount

Nevada § 696A.080

Title 57INSURANCE

Ch. 696AMotor

This text of Nevada § 696A.080 (Deposit and maintenance of security: Form; amount) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 696A.080 (2026).

Text

1. A person shall not render or agree to render motor club service without first depositing and thereafter continuously maintaining security in one of the following forms with the Commissioner:

(a)The sum of $100,000 in cash.

(b)Securities approved by the Commissioner, having a market value of $100,000 and being of a type approved by the Commissioner and legal for investment by admitted insurers issuing nonassessable policies on a reserve basis.

(c)A surety bond which complies with NRS 679B.175 and is in the principal sum of $100,000, with an admitted surety insurer as surety. 2. In lieu of the deposit required by subsection 1, a foreign or alien motor club may deposit evidence satisfactory to the Commissioner that it has on deposit with an officer of a state of the United States of Ame

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1. A person shall not render or agree to render motor club service without first depositing and thereafter continuously maintaining security in one of the following forms with the Commissioner:
(a) The sum of $100,000 in cash.
(b) Securities approved by the Commissioner, having a market value of $100,000 and being of a type approved by the Commissioner and legal for investment by admitted insurers issuing nonassessable policies on a reserve basis.
(c) A surety bond which complies with NRS 679B.175 and is in the principal sum of $100,000, with an admitted surety insurer as surety.
2. In lieu of the deposit required by subsection 1, a foreign or alien motor club may deposit evidence satisfactory to the Commissioner that it has on deposit with an officer of a state of the United States of America, authorized by the law of such state to accept such deposit:
(a) Securities which meet the requirements of paragraph (b) of subsection 1 of at least a like amount for the benefit and security of all members and creditors of such motor club; or
(b) A surety bond, in the principal sum of $100,000, which meets the requirements of NRS 696A.090 , issued by a bonding company authorized to do business in the State of Nevada and in the state where the bond is posted.