Nev. Admin. Code § 678.030 - Fidelity bonds: General requirements
1. All fidelity
bonds must provide coverage for the faithful performance of any officer or
employee while carrying out any of the duties of the treasurer as prescribed in
chapter 672 of NRS, the bylaws, or rules and regulations.
2. No form of fidelity bond coverage may be
used by a credit union except a form which is approved by the
Commissioner.
3. For the purpose of
this section, forms of fidelity bond coverage for credit unions that are
provided by surety companies authorized to do business in this State are
approved.
4. The Commissioner may
require additional fidelity bond coverage for any credit union when, in his or
her opinion, the bonds in force are insufficient to provide adequate coverage.
The board of directors of the credit union shall obtain such additional
coverage within 30 days after the date of written notice from the
Commissioner.
5. All surety
companies writing credit union fidelity bonds must hold a Certificate of
Authority from the Secretary of the Treasury pursuant to 31 U.S.C. §§
9304-9308 as an acceptable surety on federal bonds in this State.
6. The board of directors of each credit
union shall provide proper protection to meet any circumstance described in
subsection 1 of NRS 672.370 by obtaining adequate bond and insurance
coverage.
Notes
NRS 672.250, 672.370 and 672.420
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