Nev. Admin. Code § 616B.546

Current through December 12, 2024

Section 616B.546 - Required security deposit: Records; maintenance and review of lists of claims; costs of administration

An association shall maintain such records as are necessary to document that it maintains an adequate amount for a security deposit pursuant to NRS 616B.353. To determine the accuracy of the recorded and reported amounts for claim reserves, the association shall maintain and the Commissioner will review:

1. A list of open and closed claims, which must include:

(a) The claimant's name;

(b) The number assigned to the claim;

(c) The date of the injury;

(d) The status of the claim, including whether it is open or closed;

(e) The total reserve amount for medical costs and indemnity for each claim;

(f) The total amount paid for medical costs and indemnity for each claim;

(g) The total reserve balance for medical costs and indemnity for each claim;

(h) The total incurred cost of each claim;

(i) The total for all claims of payments for medical costs and indemnity; and

(j) The total of reserve balances for all open claims, including future liabilities for medical costs and indemnity.

2. A list of claims covered or paid by excess insurance.

3. The cost of administration of claims.

Nev. Admin. Code § 616B.546

Added to NAC by Comm'r of Insurance, eff. 3-22-96

NRS 616B.353, 616B.446, 679B.130