Nevada Revised Statutes 673.113 – Surety bond of savings bank
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1. Every savings bank shall maintain bond coverage in such amounts and form which is acceptable to the Commissioner and the Federal Deposit Insurance Corporation. The bond coverage may allow for a deductible amount or provision adopted under federal regulations applicable to federal savings banks.
Terms Used In Nevada Revised Statutes 673.113
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
2. When requested by the Commissioner, the savings bank shall provide a duplicate copy of the invoice showing that the bond premium has been paid or satisfied.
3. The face amount of the surety bond must comply with the requirements of the Federal Deposit Insurance Corporation.