NRS 616B.368
Board of trustees: Fiscal responsibilities

  • establishment of accounts
  • review of accounts by Commissioner.

1.

The board of trustees of an association of self-insured public or private employers is responsible for the money collected and disbursed by the association.

2.

The board of trustees shall:

(a)

Establish a claims account in a financial institution in this State which is approved by the Commissioner and which is federally insured or insured by a private insurer approved pursuant to NRS 672.755. Except as otherwise provided in subsection 3, at least 75 percent of the annual assessment collected by the association from its members must be deposited in this account to pay:

(1)

Claims;

(2)

Expenses related to those claims;

(3)

The costs associated with the association’s policy of excess insurance; and

(4)

Assessments, payments and penalties related to the Subsequent Injury Account and the Uninsured Employers’ Claim Account.

(b)

Establish an administrative account in a financial institution in this State which is approved by the Commissioner and which is federally insured or insured by a private insurer approved pursuant to NRS 672.755. The amount of the annual assessment collected by the association that is not deposited in its claims account must be deposited in this account to pay the administrative expenses of the association.

3.

The Commissioner may authorize an association to deposit less than 75 percent of its annual assessment in its claims account if the association presents evidence to the satisfaction of the Commissioner that:

(a)

More than 25 percent of the association’s annual assessment is needed to maintain its programs for loss control and occupational safety; and

(b)

The association’s policy of excess insurance attaches at less than 75 percent.

4.

The board of trustees may invest the money of the association not needed to pay the obligations of the association pursuant to chapter 682A of NRS.

5.

The Commissioner shall review the accounts of an association established pursuant to this section at such times as the Commissioner deems necessary to ensure compliance with the provisions of this section.

Source: Section 616B.368 — Board of trustees: Fiscal responsibilities; establishment of accounts; review of accounts by Commissioner., https://www.­leg.­state.­nv.­us/NRS/NRS-616B.­html#NRS616BSec368.

616B.350
Qualification as association of self-insured public or private employers 616B.353
Indemnity agreement 616B.356
Certificate of authority required before surety or bonding company may furnish bond or other security for association. 616B.359
Certificate of qualification as an association of self-insured employers: Time for consideration of application 616B.362
Effect of certification 616B.365
Board of trustees: Members 616B.368
Board of trustees: Fiscal responsibilities 616B.371
Association’s administrator prohibited from financial interest in third-party administrator 616B.374
Solicitor’s permit: Advertising or offering for sale membership in proposed association of self-insured public or private employers without permit prohibited 616B.377
Solicitor’s permit: Commissioner to conduct investigation after filing of application for permit 616B.380
Solicitor’s permit: Power of Commissioner to suspend or revoke permit 616B.383
Advertisements or written materials to join association of self-insured public or private employers 616B.386
Membership in association: Application 616B.388
Provision of member information upon request. 616B.392
Notification of Commissioner required if change in information submitted for certification. 616B.395
Examination of books, records, accounts and assets of association by Commissioner 616B.398
Commissioner is agent of association for receipt of initial legal process. 616B.401
Merger of associations. 616B.404
Statement of financial condition: Filing dates 616B.407
Calculation of annual assessment paid by each member of association. 616B.410
Annual audits 616B.413
Payment of dividends to members of association. 616B.416
Plan for payment of annual assessments by members of association. 616B.419
Required reserves. 616B.422
Insufficient assets to pay compensation due and maintain reserves. 616B.425
Order by Commissioner to cease and desist 616B.428
Administrative fines for violations 616B.431
Withdrawal of certificate of association: Informal meeting 616B.434
Retention by Commissioner of security deposit in event of termination of association. 616B.437
Judicial review of Commissioner’s decision. 616B.440
Insolvency 616B.443
Assessment of all associations to provide for claims against insolvent association 616B.446
Regulations.
Last Updated

Jun. 24, 2021

§ 616B.368’s source at nv​.us