616B.416 - Plan for payment of annual assessments by members of association. - Nevada Statutes

616B.416  Plan for payment of annual assessments by members of association.

      1.  Each association of self-insured public or private employers shall adopt a plan for the payment of annual assessments by the members of the association which must be approved by the Commissioner.

      2.  The plan must include a requirement for:

      (a) An initial payment, in advance, of a portion of the annual assessment due from each member of the association. If the association is an association of self-insured public employers, the initial payment must be in an amount approved by the Commissioner. If the association is an association of self-insured private employers, the initial payment must be in an amount equal to at least 25 percent of the member’s annual assessment.

      (b) Payment of the balance of the annual assessment due in quarterly or monthly installments.

      (Added to NRS by 1993, 677)—(Substituted in revision for NRS 616.37965)