New legislation was introduced in Nevada State relating to family trust companies. The new law is titled SB 365 and regulates the family trust companies. The new legislation requires the company’s directors or managers to acquire fidelity bonds in quantities that they will establish to cover functioning officers, managers, members acting in administrative capacity, in addition to the entity’s employees. The surety bond indemnifies the family trust company against losses that originated from any deceitful, fraudulent or illegal act or omission that any of the bonded individuals perpetrated.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.