689C.780 - Requirements of plan of operation and temporary plan of operation. - Nevada Statutes

689C.780  Requirements of plan of operation and temporary plan of operation.  A plan of operation and a temporary plan of operation must:

      1.  Establish procedures for the handling and accounting of the assets of the Program of Reinsurance and for an annual fiscal reporting to the Commissioner.

      2.  Establish procedures for selecting an administering carrier and set forth the powers and duties of the administering carrier.

      3.  Establish procedures for reinsuring risks pursuant to the Program of Reinsurance.

      4.  Establish procedures for collecting assessments to pay claims and administrative expenses incurred or estimated to be incurred by the Program of Reinsurance.

      5.  Establish a methodology for applying the minimum amount of claims and the maximum liability of the reinsuring or individual reinsuring carrier as set forth in NRS 689C.800.

      6.  Provide for any additional matters necessary to carry out and administer the Program of Reinsurance.

      (Added to NRS by 1997, 2931)