Nevada Revised Statutes 689C.550 – Collection of premiums; trust account for deposit of premiums
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A voluntary purchasing group shall offer to collect premiums for contracts offered through the purchasing group and maintain a trust account for the deposit of premiums collected to be paid to carriers for coverage offered through the purchasing group. A voluntary purchasing group is a fiduciary with respect to any premiums so collected.
Terms Used In Nevada Revised Statutes 689C.550
- Fiduciary: A trustee, executor, or administrator.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC