686C.230 - Imposition; classes. - Nevada Statutes

686C.230  Imposition; classes.

      1.  To provide the money necessary to carry out the powers and duties of the Association, the Board of Directors shall assess the member insurers, separately for each account, at such times and for such amounts as the Board finds necessary. An assessment is due upon at least 30 days’ written notice to the member insurer and accrues interest after it is due at the rate provided in NRS 99.040.

      2.  There are two classes of assessments, as follows:

      (a) Assessments in Class A must be authorized and called for the purpose of meeting administrative and legal costs and other expenses. An assessment in Class A need not be related to a particular impaired or insolvent insurer.

      (b) Assessments in Class B must be authorized and called to the extent necessary to carry out the powers and duties of the Association under NRS 686C.150 to 686C.220, inclusive, with regard to an impaired or insolvent insurer.

      (Added to NRS by 1973, 306; A 1991, 875; 2001, 1041)