Nevada Administrative Code
Chapter 677 - Thrift Companies
CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER
Section 677.510 - Requirements of private insurer for approval of contract
Universal Citation: NV Admin Code 677.510
Current through September 16, 2024
1. Before the Commissioner will approve a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247, a private insurer must:
(a) Be licensed in this State by the Commissioner of Insurance;
(b) Be rated within one of the five highest rating categories by a national rating service or hold a certificate of authority as an acceptable surety on federal bonds issued by the Secretary of the Treasury pursuant to 31 C.F.R. §
223.3; and
(c) Agree to:
(1) Submit quarterly and annual financial statements to the Commissioner and the Commissioner of Insurance;
(2) Maintain an investment portfolio that includes assets of sufficient liquidity to reimburse depositors fully and promptly for any losses which the depositors may incur, including, without limitation, cash, reinsurance and lines of credit; and
(3) Create and maintain reserves of not less than 15 percent of the amount of the insured deposits in the form of:
(I) Cash;
(II) United States treasury bills or notes;
(III) Short-term certificates of deposit;
(IV) Money market accounts;
(V) Lines of credit; or
(VI) The investments set forth in NRS 355.140.
2. As used in this section, "short-term" means having a maturity of 2 years or less.
Added to NAC by Comm'r of Financial Institutions by R101-01, eff. 11-15-2001
NRS 677.247, 677.380
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