1. All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein must be deposited in escrow with a bank, credit union or trust company located in this state under a written agreement filed with and approved by the Commissioner. The terms of such an agreement must be consistent with those of the solicitation permit and of the applicable provisions of this section and NRS 692B.250.
2. Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all money so held in escrow becomes the money of the insurer. Until the certificate of authority is issued, the money remains the property of the applicants for insurance as respectively entitled thereto.
(Added to NRS by 1971, 1795; A 1999, 1553)