Nev. Admin. Code § 616B.612 - Contents of bylaws of association

The bylaws of an association must provide:

1. For review by the board of trustees, at least annually, of the financial condition of each member of the association;

2. For prompt notification to all members if the board of trustees has determined that any member is operating in a hazardous financial condition;

3. For review by the members, at least annually, of the loss experience of each member of the association; and

4. A plan for the cancellation of membership, pursuant to subsection 9 of NRS 616B.386, of members who have an excessive loss experience or who have been deemed by the board of trustees to be operating in a hazardous financial condition.

Notes

Nev. Admin. Code § 616B.612

Added to NAC by Comm'r of Insurance, eff. 3-22-96

NRS 616B.446, 679B.130