616B.434 - Retention by Commissioner of security deposit in event of termination of association. - Nevada Statutes

616B.434  Retention by Commissioner of security deposit in event of termination of association.

      1.  If for any reason the status of an association of self-insured public or private employers as an association of self-insured employers is terminated, the security deposited under NRS 616B.353 must remain on deposit for at least 36 months in such an amount as is necessary to secure the outstanding and contingent liability arising from accidental injuries or occupational diseases secured by the security, or to assure the payment of claims for aggravation, payment of claims under NRS 616C.390 and payment of claims under NRS 616C.392 based on such accidental injuries or occupational diseases.

      2.  At the expiration of the 36-month period, or such other period as the Commissioner deems proper, the Commissioner may accept, in lieu of any security so deposited, a policy of paid-up insurance in a form approved by the Commissioner.

      (Added to NRS by 1993, 679; A 2005, 1490)