USA Statutes : nevada
Title : Title 57 - INSURANCE
Chapter : CHAPTER 691B - SURETIES
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)
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)
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)
