Nev. Admin. Code § 616B.Sec. 3.2 - NEW
1. Except as otherwise provided in subsection
11, a private carrier may purchase an annuity payable to an employee who has
filed a claim pursuant to chapters 616A to 617, inclusive, of NRS, or to the
employee's beneficiary, for the compensation owed to the employee as a result
of an industrial injury or occupational disease, except accident benefits, if:
(a) The annuity is purchased from an insurer
authorized to do business in this State;
(b) The employee or beneficiary is the
annuitant and all payments made pursuant to the annuity will be made directly
to the employee or the beneficiary; and
(c) The purchase of the annuity by the
private carrier on behalf of the employee is made to provide compensation owed
to the employee or the beneficiary pursuant to chapters 616A to 617, inclusive,
of NRS.
2. The purchase
of an annuity pursuant to this section does not:
(a) Settle the employee's claim for
compensation;
(b) Prohibit the
employee from reopening or contesting the claim; or
(c) Transfer the responsibility of the
private carrier to provide, in a timely manner, accurate payments of
compensation owed to the employee to the insurer or any other party.
3. Each contract for an annuity
purchased pursuant to this section must set forth the provisions of subsections
1 and 2.
4. An annuity purchased
pursuant to this section may not be assigned.
5. A private carrier which purchases an
annuity pursuant to this section shall make all payments required for the
purchase of the annuity.
6. The
amount of the total payments made to an employee pursuant to an annuity
purchased pursuant to this section may not be less than the amount of
compensation, other than accident benefits, owed to the employee pursuant to
chapters 616A to 617, inclusive, of NRS.
7. A private carrier which purchases an
annuity pursuant to this section:
(a) Shall
classify the purchase of the annuity as an amount paid for indemnity;
and
(b) May reduce its reserve
balance for indemnity for the claim by the amount of compensation owed to the
employee pursuant to chapters 616A to 617, inclusive, of NRS for the period
covered by the annuity.
8. A private carrier shall submit to the
Administrator and the Commissioner a report which sets forth each annuity it
purchased, if any, in the preceding year. The private carrier shall provide the
following information for each annuity listed in the report:
(a) The name of the employee on whose behalf
the annuity was purchased.
(b) The
number assigned to the claim by the private carrier.
(c) The number of the contract for the
annuity.
(d) The amount paid for
the annuity.
(e) The name of the
insurer who issued the annuity.
9. A private carrier shall submit the report
required pursuant to subsection 8 to:
(a) The
Administrator upon the request of the Administrator; and
(b) The Commissioner with the filing of the
annual statement which is required pursuant to
NRS
680A.270.
10. An insurer who sells an annuity to a
private carrier pursuant to this section shall, within 10 days after the
contract for the annuity is executed, submit a copy of that contract to the
Administrator, the Commissioner and the private carrier.
11. A private carrier may, upon the approval
of the Commissioner, purchase an annuity to pay the accident benefits of an
employee incurred as a result of an industrial injury or occupational
disease.
Notes
NRS 616A.400
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