Nev. Admin. Code § 616B.478 - Reserve Account to Protect Against Insolvency: Additional assessments; annual assessment

1. If, during the initial year of self-insurance, the employer adds an activity for which employees are covered by self-insurance, the employer must pay an additional assessment which is equivalent to 0.5 percent of the expected annual expenditures for claims applicable to the activity which was added.

2. Each self-insured employer will be assessed an annual assessment equal to .25 percent of the security deposit established for the self-insured employer on June 30th before the assessment. The Commissioner will provide to each self-insured employer a notice specifying the amount of the assessment and the date that it is due, at least 20 days before that date.

3. The annual assessment established in subsection 2 will not be imposed:

(a) In the fiscal year in which a self-insured employer is first certified; or

(b) If the balance of the Reserve Account exceeds:

(1) Three million dollars; or

(2) An amount equivalent to 20 percent of the aggregate of security deposits required of all self-insured employers, whichever is the greater amount.

Notes

Nev. Admin. Code § 616B.478

Added to NAC by Comm'r of Insurance, eff. 7-2-84-Substituted in revision for NAC 616.1965; A by R071-16A, eff. 11/2/2016

NRS 616B.309, 679B.130