689C.890 - Assessment against reinsuring carrier to be determined annually; penalty for late payment of assessments; deferment of assessment. - Nevada Statutes

689C.890  Assessment against reinsuring carrier to be determined annually; penalty for late payment of assessments; deferment of assessment.

      1.  Each assessment against a reinsuring carrier and individual reinsuring carrier must be determined annually by the Board based on annual statements and such other reports deemed relevant by the Board and filed by the reinsuring carriers with the Board.

      2.  The plan of operation must provide for the imposition of an interest penalty for late payment of assessments.

      3.  A reinsuring or individual reinsuring carrier may seek from the Commissioner a deferment of any part of an assessment imposed by the Board pursuant to NRS 689C.840. The Commissioner may defer any part of the assessment if the Commissioner determines that the payment of the assessment would place the carrier in a financially impaired condition. If any amount of an assessment against a carrier is deferred pursuant to this subsection, the amount so deferred must be assessed against the other participating carriers in a manner consistent with NRS 689C.840. A carrier receiving a deferment pursuant to this subsection remains liable to the Program of Reinsurance for the amount deferred and shall not reinsure any small employers, eligible employees or eligible persons with the Program of Reinsurance until the deferred assessment is paid.

      (Added to NRS by 1997, 2937)