1. The Commissioner shall cause to be conducted at least annually an audit of each association of self-insured public or private employers in order to verify: (a) The standard industrial classification of each member of the association; (b) The individual experience of each member of the association; (c) The payroll of each member of the […]
1. If the assets of an association of self-insured public or private employers exceed the amount necessary for the association to: (a) Pay its obligations and administrative expenses; (b) Carry reasonable reserves; and (c) Provide for contingencies, the board of trustees of the association may, after obtaining the approval of the Commissioner, declare and distribute […]
1. Each association of self-insured public or private employers shall adopt a plan for the payment of annual assessments by the members of the association which must be approved by the Commissioner. 2. The plan must include a requirement for: (a) An initial payment, in advance, of a portion of the annual assessment due from […]
Each association of self-insured public or private employers shall maintain: 1. Actuarially appropriate loss reserves. Such reserves must include reserves for: (a) Actual claims and the expenses associated with those claims; and (b) Claims incurred but not reported, and the expenses associated with those claims. 2. Reserves for uncollected debts based on the experience of […]
1. If the assets of an association of self-insured public or private employers are insufficient to make certain the prompt payment of all compensation under chapters 616A to 617, inclusive, of NRS and to maintain the reserves required by NRS 616B.419, the association shall immediately notify the Commissioner of the deficiency and: (a) Transfer any […]
1. The Commissioner may issue an order requiring an association of self-insured public or private employers or a member of the association to cease and desist from engaging in any act or practice found to be in violation of any provision of NRS 616B.350 to 616B.446, inclusive, or any regulation adopted pursuant thereto. 2. If […]
1. The Commissioner may impose an administrative fine for each violation of any provision of NRS 616B.350 to 616B.446, inclusive, or any regulation adopted pursuant thereto. Except as otherwise provided in those sections, the amount of the fine may not exceed $1,000 for each violation or an aggregate amount of $10,000. 2. The Commissioner may […]
1. Except as otherwise provided in NRS 616D.120, before any action may be taken pursuant to subsection 2, the Commissioner shall arrange an informal meeting with an association of self-insured public or private employers to discuss and seek correction of any conduct which would be grounds for withdrawal of the certificate of the association. 2. […]
1. If for any reason the status of an association of self-insured public or private employers as an association of self-insured employers is terminated, the security deposited under NRS 616B.353 must remain on deposit for at least 36 months in such an amount as is necessary to secure the outstanding and contingent liability arising from […]
Any association of self-insured public or private employers that is aggrieved by a decision of the Commissioner may petition for judicial review in the manner provided by chapter 233B of NRS. (Added to NRS by 1993, 679)—(Substituted in revision for NRS 616.37987)
1. For the purposes of NRS 616B.350 to 616B.446, inclusive, an association of self-insured public or private employers is insolvent if it is unable to pay its outstanding obligations as they mature in the regular course of its business. 2. If an association of self-insured public or private employers becomes insolvent, institutes any voluntary proceeding […]
1. The Commissioner may assess all associations of self-insured public or private employers to provide for claims against any insolvent association. 2. All money received from such assessments must be deposited with the State Treasurer to the credit of the Account for Insolvent Associations of Self-Insured Public or Private Employers, which is hereby created in […]
The Commissioner may adopt such regulations as are necessary to carry out the provisions of NRS 616B.350 to 616B.446, inclusive. (Added to NRS by 1993, 680; A 2007, 3340)
