NRS 692A.1041
Duty of title agent and insurer to deposit surety bond with Commissioner
- title agency, title insurer and escrow agents required to be named as principals on bond
- form and amount of bond.
1.
In addition to all other requirements set forth in this title and except as otherwise provided in subsection 4 and NRS 692A.1042, as a condition to doing business in this State, each title agent and title insurer shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 3, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the title agency or title insurer and all escrow officers employed by or associated with the title agent or title insurer.2.
The bond must be in substantially the following form:3.
Each title agent and title insurer shall deposit a corporate surety bond that complies with the provisions of this section or a substitute form of security that complies with the provisions of NRS 692A.1042 in an amount that:(a)
Is not less than $20,000 or 2 percent of the average collected balance of the trust account or escrow account maintained by the title agent or title insurer pursuant to NRS 692A.250, whichever is greater; and(b)
Is not more than $250,000.4.
A title agent or title insurer may offset or reduce the amount of the surety bond or substitute form of security that the title agent or title insurer is required to deposit pursuant to subsection 3 by the amount of any of the following:(a)
Cash or securities deposited with the Commissioner in this State pursuant to NRS 680A.140 or 682B.015.(b)
Reserves against unpaid losses and loss expenses maintained pursuant to NRS 692A.150 or 692A.170.(c)
Unearned premium reserves maintained pursuant to NRS 692A.160 or 692A.170.(d)
Fidelity bonds maintained by the title agent or title insurer.(e)
Other bonds or policies of insurance maintained by the title agent or title insurer covering liability for economic losses to customers caused by the title agent or title insurer.
Source:
Section 692A.1041 — Duty of title agent and insurer to deposit surety bond with Commissioner; title agency, title insurer and escrow agents required to be named as principals on bond; form and amount of bond., https://www.leg.state.nv.us/NRS/NRS-692A.html#NRS692ASec1041
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