696B.360 - Deposit of money.
696B.360 Deposit of money.
1. Except as otherwise provided in this section:
(a) The money collected by the Commissioner in a proceeding under this chapter must be from time to time deposited in one or more state or national banks, savings banks, credit unions or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation of any such depositary which is an institution organized and supervised under the laws of this state, such deposits are entitled to priority of payment on an equality with any other priority given by the banking laws of this state.
(b) The Commissioner may deposit the money or any part thereof in a national bank, credit union or trust company as a trust fund.
2. The Commissioner shall deposit in the State Insurance Fund any money collected in a proceeding under this chapter that is required to be held in trust by a successor organization of the State Industrial Insurance System by NRS 616B.042. The money must be used by the Commissioner for the payment of claims made against the successor organization under a policy of industrial insurance issued by that organization, and any administration costs and expenses related thereto. The payment of the claims must be made in accordance with the provisions of this chapter.
(Added to NRS by 1971, 1895; A 1999, 1555, 1834)