1. Concurrently with the filing of the declaration provided for in NRS 694B.060, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of this bond as set forth in subsection 2. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the Commissioner’s approval.
2. The bond shall be in the penal sum of $25,000, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into the hands of the attorney, and that the attorney will not withdraw or appropriate to the attorney’s own use from the funds of the insurer any moneys or property to which the attorney is not entitled under the power of attorney.
3. The bond shall provide that it is not subject to cancellation unless 30 days’ advance notice in writing of cancellation is given both the attorney and the Commissioner.
(Added to NRS by 1971, 1829)
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