1. Each administrator shall file with the Commissioner a bond which complies with NRS 679B.175, continuous in form and in an amount determined by the Commissioner of not less than $100,000.
2. The Commissioner shall establish schedules for the amount of the bond required, based on the amount of money received and distributed by an administrator.
3. The bond must inure to the benefit of any person damaged by any fraudulent act or conduct of the administrator and must be conditioned upon faithful accounting and application of all money coming into the administrator’s possession in connection with his or her activities as an administrator.
4. A replacement bond must meet all requirements for the initial bond.