1.  A person shall not render or agree to render motor club service without first depositing and thereafter continuously maintaining security in one of the following forms with the Commissioner:

Terms Used In Nevada Revised Statutes 696A.080

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039

(a) The sum of $100,000 in cash.

(b) Securities approved by the Commissioner, having a market value of $100,000 and being of a type approved by the Commissioner and legal for investment by admitted insurers issuing nonassessable policies on a reserve basis.

(c) A surety bond which complies with NRS 679B.175 and is in the principal sum of $100,000, with an admitted surety insurer as surety.

2.  In lieu of the deposit required by subsection 1, a foreign or alien motor club may deposit evidence satisfactory to the Commissioner that it has on deposit with an officer of a state of the United States of America, authorized by the law of such state to accept such deposit:

(a) Securities which meet the requirements of paragraph (b) of subsection 1 of at least a like amount for the benefit and security of all members and creditors of such motor club; or

(b) A surety bond, in the principal sum of $100,000, which meets the requirements of NRS 696A.090, issued by a bonding company authorized to do business in the State of Nevada and in the state where the bond is posted.

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