Nevada Revised Statutes 692B.230 – Mutual insurers: Deposit of premiums in escrow
1. All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein must be deposited in escrow with a bank, credit union or trust company located in this state under a written agreement filed with and approved by the Commissioner. The terms of such an agreement must be consistent with those of the solicitation permit and of the applicable provisions of this section and NRS 692B.250.
Terms Used In Nevada Revised Statutes 692B.230
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
2. Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all money so held in escrow becomes the money of the insurer. Until the certificate of authority is issued, the money remains the property of the applicants for insurance as respectively entitled thereto.