Nevada Administrative Code
Chapter 669A - Family Trust Companies
Section 669A.240 - Procedures for conduct of examination
Current through February 27, 2024
The Division will, and a qualified firm shall, perform the examination in accordance with the examination procedures as follows:
1. If applicable, review the results of the most recent examination and confirm with the management of the licensed family trust company that all corrective action has been completed.
2. Confirm the submission of the required financial information to the Division, including any supplementary information requested by the Division.
3. Review the licensed family trust company's compliance with the provisions of this chapter and chapter 669A of NRS.
4. Review the board and the committee structure of the licensed family trust company for compliance with the governing instruments of the licensed family trust company.
5. Review the minutes of the board and any committees and determine whether the minutes are retained permanently at the licensed family trust company office in physical or electronic form and in compliance with the governing instruments of the licensed family trust company.
6. If the licensed family trust company has elected to undergo an independent review pursuant to section 24 of this regulation, determine whether previous matters in the management letter for external financial audits of the financial statements of the licensed family trust company have been resolved, are being addressed by the management of the licensed family trust company in a response to the external auditor or do not require response or action.
7. If the licensed family trust company does not submit audited financial statements to the Division as part of its examination:
Added to NAC by Comm'r of Financial Institutions by R051-16, eff. 1/1/2017
NRS 669A.270