NRS 616B.404
Statement of financial condition: Filing dates

  • contents
  • form
  • additional reports.

1.

An association of self-insured public or private employers shall file with the Commissioner an audited statement of financial condition prepared by an independent certified public accountant. The statement must be filed on or before May 1 of each year or within 120 days after the conclusion of the association’s fiscal year and must contain information for the previous fiscal year.

2.

The statement required by subsection 1 must be in a form prescribed by the Commissioner and include, without limitation:

(a)

A statement of the reserves for:

(1)

Actual claims and expenses;

(2)

Claims incurred but not reported, and the expenses associated with those claims;

(3)

Assessments that are due, but not paid; and

(4)

Unpaid debts, which must be shown as liabilities.

(b)

An actuarial opinion regarding reserves that is prepared by a member of the American Academy of Actuaries or another specialist in loss reserves identified in the annual statement adopted by the National Association of Insurance Commissioners. The actuarial opinion must include a statement of:

(1)

Actual claims and the expenses associated with those claims; and

(2)

Claims incurred but not reported, and the expenses associated with those claims.

3.

The Commissioner may adopt a uniform financial reporting system for associations of self-insured public and private employers to ensure the accurate and complete reporting of financial information.

4.

The Commissioner may require the filing of such other reports as the Commissioner deems necessary to carry out the provisions of this section, including, without limitation:

(a)

Audits of the payrolls of the members of an association of self-insured public or private employers;

(b)

Reports of losses; and

(c)

Quarterly financial statements.

Source: Section 616B.404 — Statement of financial condition: Filing dates; contents; form; additional reports., https://www.­leg.­state.­nv.­us/NRS/NRS-616B.­html#NRS616BSec404.

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.404’s source at nv​.us