616B.693 - Assurance organizations: Authority of Administrator; regulations; independence and approval required. - Nevada Statutes

616B.693  Assurance organizations: Authority of Administrator; regulations; independence and approval required.

      1.  The Administrator may adopt regulations authorizing and setting forth qualifications for an assurance organization selected by an employee leasing company to act on behalf of the employee leasing company in complying with the requirements of NRS 616B.670 to 616B.697, inclusive, and any regulations adopted pursuant thereto, including, without limitation, any requirements regarding obtaining or renewing a certificate of registration. Such an assurance organization must be independent of the employee leasing company and approved by the Administrator.

      2.  Nothing in this section or any regulations adopted pursuant thereto:

      (a) Limits or otherwise affects the authority of the Administrator to issue or revoke a certificate of registration of an employee leasing company subject to the appeals process;

      (b) Limits or otherwise affects the authority of the Administrator to investigate compliance with or enforce any provision of NRS 616B.670 to 616B.697, inclusive, and any regulations adopted pursuant thereto; or

      (c) Requires an employee leasing company to authorize an assurance organization to act on its behalf.

      3.  As used in this section, “assurance organization” means a person who meets the qualifications set forth by the Administrator pursuant to regulations adopted pursuant to subsection 1.

      (Added to NRS by 2009, 1123)