Nev. Admin. Code § 678.020

Current through November 8, 2024

Section 678.020 - Surety bonds: Annual review; minimum coverage

1. The board of directors of each credit union shall annually review the surety bond coverage it has in force in order to determine its adequacy in relation to the credit union's exposure to potential cash losses.

2. A credit union's minimum potential cash losses must be determined by the following table:

	Assets		Minimum Coverage
$0	to	$5,000	..................................................................... $1,000
5,001	to	10,000	...................................................................... 2,000
10,001	to	20,000	...................................................................... 4,000
20,001	to	30,000	...................................................................... 6,000
30,001	to	40,000	...................................................................... 8,000
40,001	to	50,000	..................................................................... 10,000
50,001	to	75,000	..................................................................... 15,000
$75,001	to	$100,000	..................................................................... $20,000
100,001	to	150,000	..................................................................... 30,000
150,001	to	200,000	..................................................................... 40,000
200,001	to	300,000	..................................................................... 50,000
300,001	to	400,000	..................................................................... 60,000
400,001	to	500,000	..................................................................... 70,000
500,001	to	750,000	..................................................................... 85,000
750,000	to	1,000,000	................................................................... 100,000
1,000,001	to	50,000,000	............ $100,000 plus $50,000 for each $1,000,000 or fraction thereof of assets over $1,000,000
$50,000,001	to	$150,000,000	......... $2,500,000 plus $25,000 for each $1,000,000 or fraction thereof of assets over $50,000,000
Over $150,000,000.......................................................................................................... $5,000,000

3. Any credit union whose cash change funds exceed the amounts of minimum coverage required for a credit union of its size, as set forth in subsection 2, shall maintain surety bond coverage adequate to cover its actual potential cash loss.

Nev. Admin. Code § 678.020

Comm'r of Credit Unions, § B subsecs. 1 & 7, eff. 8-12-76; A and renumbered as § C subsecs. 1-3, 12-14-78

NRS 678.250, 678.260