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.
(Added to NRS by 1993, 675; A 2003, 3343)
Structure Nevada Revised Statutes
Chapter 616B - Industrial Insurance: Insurers; Liability for Provision of Coverage
NRS 616B.009 - Reports required to be made by insurers.
NRS 616B.021 - Files of claims: Accessibility; maintenance; inspection; reproduction.
NRS 616B.024 - Destruction of records.
NRS 616B.040 - Creation; source; investments.
NRS 616B.044 - Authority of successor organization to take credit for reinsurance.
NRS 616B.046 - Disposition of money in Fund on repeal of statutes relating to workers’ compensation.
NRS 616B.228 - Budgeting for premiums and payment of premiums by public employers.
NRS 616B.303 - Standard for insolvency.
NRS 616B.321 - Imposition of fine if self-insured employer fails to pay compensation as ordered.
NRS 616B.324 - Self-insured employer liable for violation by employer’s agent.
NRS 616B.330 - Self-insured employer may appeal decision of Commissioner.
NRS 616B.333 - Disposition of security after termination of status as self-insured employer.
NRS 616B.365 - Board of trustees: Members; duties; prohibited acts.
NRS 616B.388 - Provision of member information upon request.
NRS 616B.398 - Commissioner is attorney-in-fact of association for receipt of initial legal process.
NRS 616B.401 - Merger of associations.
NRS 616B.404 - Statement of financial condition: Filing dates; contents; form; additional reports.
NRS 616B.407 - Calculation of annual assessment paid by each member of association.
NRS 616B.410 - Annual audits; objection to assignment of standard industrial classification.
NRS 616B.413 - Payment of dividends to members of association.
NRS 616B.416 - Plan for payment of annual assessments by members of association.
NRS 616B.419 - Required reserves.
NRS 616B.422 - Insufficient assets to pay compensation due and maintain reserves.
NRS 616B.425 - Order by Commissioner to cease and desist; penalty for violation of order.
NRS 616B.434 - Retention by Commissioner of security deposit in event of termination of association.
NRS 616B.437 - Judicial review of Commissioner’s decision.
NRS 616B.500 - Administration of plan of insurance authorized; conditions.
NRS 616B.503 - Certification by Commissioner required; duties of third-party administrator.
NRS 616B.506 - Imposition of administrative fine for violations; withdrawal of certification.
NRS 616B.5285 - Contracts with providers of health care; prohibited acts.
NRS 616B.529 - Inducements to deny, reduce or delay medically necessary services prohibited.
NRS 616B.545 - "Board" defined.
NRS 616B.563 - "Board" defined.
NRS 616B.603 - Independent enterprises.
NRS 616B.606 - Real estate brokers and salespersons not employers under certain circumstances.
NRS 616B.609 - Devices modifying liability void; exception.
NRS 616B.618 - Applicability to State, political subdivisions and their contractors.
NRS 616B.621 - Applicability to certain trainees enrolled in rehabilitation facilities.
NRS 616B.633 - Applicability to all employers who employ at least one employee.
NRS 616B.636 - Actions at law by employees.
NRS 616B.650 - Election by employer; effect of failure to provide industrial insurance.
NRS 616B.656 - Election by employer of excluded persons.
NRS 616B.662 - Rejection of coverage by employer; relief from payment of premiums.
NRS 616B.673 - Certificate of registration required; expiration; penalty.
NRS 616B.688 - Written agreement regarding employment relationship with leased employees.
NRS 616B.697 - Action for damages for statutory violation.
NRS 616B.717 - Coverage of more than one construction project authorized.
NRS 616B.720 - Contents of contract to provide insurance for program.
NRS 616B.722 - Liability of insurer for payment of compensation.
NRS 616B.732 - Determination of loss experience.
NRS 616B.760 - Creation; membership; terms; vacancies.
NRS 616B.762 - Annual first meeting: Date; election of Chair.
NRS 616B.765 - Duties and powers of Chair.
NRS 616B.767 - Meetings; quorum.
NRS 616B.770 - Compensation of members.
NRS 616B.772 - Filing of grievance; parties to hearing; authority to appeal decision on hearing.
NRS 616B.777 - Timing: Notification of hearing; issuance of decision.
NRS 616B.780 - Hearings open to public; exception.
NRS 616B.782 - Conflict of interest: Appointment of substitute member; waiver; determination.
NRS 616B.785 - Issuance and delivery of decision; notification of right to appeal.
NRS 616B.787 - Appeal of decision to Commissioner.
NRS 616B.850 - Insurer may establish plan to review small employers; objectives of plan.