[Rev. 6/29/2024 5:00:59 PM--2023]
NRS 691B.010 Applicability of other provisions.
NRS 691B.020 Power of certain insurers to execute instrument; limitation of liability if two or more such insurers execute instrument; execution satisfies legal requirements.
NRS 691B.030 Estoppel of insurer which executes surety contract to deny power to execute contract in proceeding to enforce liability.
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NRS 691B.010 Applicability of other provisions. All contracts of surety insurance covering subjects located or to be performed in this state are subject to the applicable provisions of chapter 687B of NRS (the insurance contract), and to other applicable provisions of this Code.
(Added to NRS by 1971, 1779)
NRS 691B.020 Power of certain insurers to execute instrument; limitation of liability if two or more such insurers execute instrument; execution satisfies legal requirements.
1. Whenever a bond, undertaking, recognizance, guaranty or other obligation is required, permitted, authorized or allowed, or whenever the performance of any act, duty or obligation, or forbearance is required, permitted, authorized or allowed to be secured or guaranteed, such bond, undertaking, recognizance or other obligation, or such security or guaranty, may be executed by an insurer authorized in this state to transact surety insurance, and such insurers are authorized and empowered to execute all such instruments.
2. In case two or more of such insurers execute any such instrument, each of such insurers is hereby authorized and empowered to limit its liability therein to an amount less than the aggregate penalty of such instrument and also to limit its liability to a pro rata part of any and all losses under such instrument.
3. The execution by any such insurer of such bond, undertaking, recognizance, guaranty or other obligation by an officer, attorney-in-fact or other authorized representative shall be sufficient and be accepted as and be a full compliance with every law or other requirement now in force or that may hereafter be enacted or made that such bond, undertaking, recognizance, guaranty or like obligation be required or permitted or be executed by a surety or sureties, or that such surety or sureties be residents, householders or freeholders, or possess any other qualifications.
(Added to NRS by 1971, 1779)
NRS 691B.030 Estoppel of insurer which executes surety contract to deny power to execute contract in proceeding to enforce liability. Any insurer which executes any surety contract as surety shall be estopped, in any proceeding to enforce the liability which it has assumed to incur, to deny its power to execute such contract or assume such liability.
(Added to NRS by 1971, 1780)