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 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.
(Added to NRS by 1971, 1877)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.