616B.044 - Authority of successor organization to take credit for reinsurance. - Nevada Statutes

616B.044  Authority of successor organization to take credit for reinsurance.

      1.  Any successor organization to the State Industrial Insurance System may take as credit as an asset or as a deduction from liability on account of reinsurance for reinsurance ceded to an assuming alien insurer with security based on discounted reserves for losses that were maintained by the System for accounting periods beginning before July 1, 1995, at a rate not to exceed 6 percent.

      2.  As used in this section, “alien insurer” has the meaning ascribed to it in NRS 679A.090.

      (Added to NRS by 1999, 1763)—(Substituted in revision for NRS 616B.0867)

      NRS 616B.046  Disposition of money in Fund on repeal of statutes relating to workers’ compensation.  If chapters 616A to 616D, inclusive, of NRS shall hereafter be repealed, all moneys which are in the State Insurance Fund at the time of the repeal shall be subject to such disposition as may be provided by the Legislature, and in default of such legislative provisions distribution thereof shall be in accordance with the justice of the matter, due regard being had to obligations of compensation incurred and existing.

      [98:168:1947; 1943 NCL § 2680.98]—(NRS A 1973, 604)—(Substituted in revision for NRS 616B.101)