Nev. Admin. Code § 616B.623 - Policy of industrial insurance: Determination of unearned or earned premium when policy cancelled before anniversary date or written for less than 12 months
Current through August 4, 2021
NRS 616B.030, 679B.130
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NAC 616B.623 Policy of industrial insurance: Determination of unearned or earned premium when policy cancelled before anniversary date or written for less than 12 months. (NRS 616B.030, 679B.130)
1. To determine the unearned premium that must be returned to an employer or the earned premium that must be paid to the insurer, as appropriate, when a policy of industrial insurance is cancelled before the anniversary date of the policy or written for a term of less than 12 months:
(a) The limitation of $36,000 established pursuant to NRS 616B.222 on the amount an employee is deemed to have received for services performed during the year in which a policy of industrial insurance is effective shall be deemed to be earned by that employee in increments of $3,000 per month and, if the policy includes a period of less than a month, in daily increments of an amount that represents a proportionate distribution of $3,000 over a month.
(b) Payment that is not received by an employee in even increments throughout the year in which the policy is effective shall be deemed to be paid in accordance with the rating rule for bonuses filed by the advisory organization with the Commissioner pursuant to NRS 686B.177.
2. As used in this section, “advisory organization” has the meaning ascribed to it in NRS 686B.1752.
(Added to NAC by Comm’r of Insurance by R140-99, eff. 1-27-2000)