683A.08528 - Annual report: Requirements; review by Commissioner; fee. - Nevada Statutes

683A.08528  Annual report: Requirements; review by Commissioner; fee.

      1.  Not later than July 1 of each year, each holder of a certificate of registration as an administrator shall file with the Commissioner an annual report for the most recently completed fiscal year of the administrator. Each annual report must be verified by at least two officers of the administrator.

      2.  Each annual report filed pursuant to this section must include all the following:

      (a) A financial statement of the administrator that has been reviewed by an independent certified public accountant.

      (b) The complete name and address of each person, if any, for whom the administrator agreed to act as an administrator during the most recently completed fiscal year of the administrator.

      (c) Any other information required by the Commissioner.

      3.  In addition to the information required pursuant to subsection 2, if an annual report is prepared on a consolidated basis, the annual report must include a columnar or combining worksheet that:

      (a) Includes the amounts shown on the consolidated financial statement accompanying the annual report;

      (b) Separately sets forth the amounts for each entity included in the worksheet; and

      (c) Includes an explanation of each consolidating and eliminating entry included in the worksheet.

      4.  Each administrator who files an annual report pursuant to this section shall, at the time of filing the annual report, pay a filing fee in an amount determined by the Commissioner.

      5.  The Commissioner shall, for each administrator, review the annual report that is most recently filed by the administrator. As soon as practicable after reviewing the report, the Commissioner shall:

      (a) Issue a certificate to the administrator:

             (1) Indicating that, based on the annual report and accompanying financial statement, the administrator has a positive net worth and is currently licensed and in good standing in this State; or

             (2) Setting forth any deficiency found by the Commissioner in the annual report and accompanying financial statement; or

      (b) Submit a statement to any electronic database maintained by the National Association of Insurance Commissioners or any affiliate or subsidiary of the Association:

             (1) Indicating that, based on the annual report and accompanying financial statement, the administrator has a positive net worth and is in compliance with existing law; or

             (2) Setting forth any deficiency found by the Commissioner in the annual report and accompanying financial statement.

      (Added to NRS by 1999, 2792; A 2003, 3290; 2007, 3318)