NRS 616B.422
Insufficient assets to pay compensation due and maintain reserves.

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 surplus acquired from a previous fund year to the current fund year to make up the deficiency;

(b)

Transfer money from its administrative account to its claims account;

(c)

Collect an additional assessment from its members in an amount required to make up the deficiency; or

(d)

Take any other action to make up the deficiency which is approved by the Commissioner.

2.

If the association wishes to transfer any surplus from one fund year to another, the association must first notify the Commissioner of the transfer.

3.

The Commissioner shall order the association to make up any deficiency pursuant to subsection 1 if the association fails to do so within 30 days after notifying the Commissioner of the deficiency. The association shall be deemed insolvent if it fails to:

(a)

Collect an additional assessment from its members within 30 days after being ordered to do so by the Commissioner; or

(b)

Make up the deficiency in any other manner within 60 days after being ordered to do so by the Commissioner.

Source: Section 616B.422 — Insufficient assets to pay compensation due and maintain reserves., https://www.­leg.­state.­nv.­us/NRS/NRS-616B.­html#NRS616BSec422.

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

Feb. 5, 2021

§ 616B.422’s source at nv​.us