Nevada Administrative Code|Section 616B.576 - Account for Insolvent Associations: Annual assessment; notification by mail; exceptions

                                                
 616B.576. Account for Insolvent Associations: Annual assessment; notification by mail; exceptions 
 
1. Except as otherwise provided in subsection 3, an association shall pay to the Commissioner for deposit in the Account for Insolvent Associations of Self-Insured Public or Private Employers an annual assessment equal to 0.5 percent of the amount of the security that it is required to have on deposit pursuant to NRS 616B.353 on June 30 next preceding the date on which the assessment is due.
 
2. At least 20 days before the assessment is due, the Commissioner will provide to each association a notice of its obligation to pay the assessment pursuant to subsection 1. The notice will include:
 
(a) The amount of money the association must pay; and
 
(b) The date on which the assessment is due.
 
3. The Commissioner will not collect the annual assessment from an association: 
 
(a) For the fiscal year in which the association is first issued its certification; or
 
(b) If the balance of the Account for Insolvent Associations of Self-Insured Public or Private Employers exceeds: 
 
(1) Three million dollars; or
 
(2) An amount equal to 20 percent of the aggregate amount of the security required to be deposited by all certified associations pursuant to NRS 616B.353, whichever is greater.
 
Added to NAC by Comm'r of Insurance, eff. 3-22-96; A by R071-16A, eff. 11-2-2016
 
NRS 616B.443, 616B.446