Nev. Admin. Code § 616B.Sec. 12-1 - NEW

Current through March 28, 2022

1. An association that purchases an annuity to satisfy the payment of a claim that is filed with the association pursuant to chapters 616A to 617, inclusive, of NRS may submit a claim for reimbursement from the Account in accordance with NAC 616B.777 to 616B.779, inclusive, and sections 2 to 14, inclusive .
2. The association may submit, as provided in subsection 3, a claim for reimbursement for the amount of compensation that the annuity paid to the injured employee for whom the annuity was purchased.
3. The association may submit a claim for reimbursement annually on the anniversary date of the purchase of the annuity or more frequently with good cause shown.
4. The Board will not approve or pay a claim for reimbursement for the cost of an annuity submitted pursuant to this section for:
(a) Any amounts which exceed the lesser of:
(1) The price of the annuity; or
(2) The aggregate amount of compensation that the injured employee has been paid from the annuity;
(b) Attorney's fees relating to the purchase of the annuity; or
(c) Any administrative expenses or other expenses relating to the purchase of the annuity, including, without limitation, expenses for the copying of records.
5. As used in this section, "good cause" includes, without limitation, a financial exigency or extraordinary circumstance.

Notes

Nev. Admin. Code § 616B.Sec. 12-1
Added to NAC by Div. of Industrial Relations by R026-18A, eff. 2/20/2020
NRS 616B.572, 616B.578

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