Nev. Admin. Code § 485.080 - Security: Deposit; required amount; use and replenishment; change of amount

1. A self-insurer shall deposit with the Department security in an amount determined by the Department pursuant to this section.

2. The amount of security required will be based on the greater of 130 percent of the average annual claims paid by the self-insurer during the immediately preceding 3-year period or the amount determined in accordance with the following scale for vehicles actively registered in this State in the name of the self-insurer:

Number of Vehicles	Amount of Security
11 to 50 vehicles...................................................................................	..................... $ 55,000
51 to 100 vehicles.................................................................................	........................ 80,000
101 to 250 vehicles...............................................................................	...................... 130,000
251 to 500 vehicles...............................................................................	...................... 205,000
501 to 750 vehicles...............................................................................	...................... 280,000
751 or more vehicles.............................................................................	...................... 355,000

3. The security deposit must be used to satisfy judgments which have become final and remain unsatisfied after 30 days unless a court order mandates otherwise. Upon notification to the self-insurer that the security has been used to satisfy damages, the self-insurer must replenish the security to the required amount within 24 hours. Failure to maintain the amount of required security is grounds for the cancellation of the certificate of self-insurance.

4. The Department may increase or decrease the amount of required security and specify the form of any additional required security. If the Department increases or decreases the amount of required security, the Department will send written notice of the required increase or decrease to the self-insurer. The self-insurer shall, within 30 days after receiving the notice, increase or decrease the security deposited with the Department in accordance with the amount specified in the notice.

5. The self-insurer may submit a written request to the Department to decrease the amount of required security if the number of vehicles actively registered in this State in the name of the self-insurer decreases and the self-insurer does not wish to maintain the larger fleet size on file with the Department.

Notes

Nev. Admin. Code § 485.080

[Dep't of Motor Veh., Self-insurance Reg. § VI, eff. 4-29-82]-(NAC A by R162-01, 2-12-2002; R164-03, 10-31-2005)

NRS 485.130, 485.380