Nev. Admin. Code § 616C.046 - Financial qualifications
Current through August 4, 2021
NRS 616A.400, 616C.265
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NAC 616C.046 Financial qualifications. (NRS 616A.400, 616C.265)
1. An employer who was not providing accident benefits pursuant to NRS 616C.265 on June 30, 1977, must:
(a) Be a corporation having a net worth of at least $2,500,000; or
(b) Be an entity of the State or its political subdivisions with an annual operating budget in excess of $5,000,000,
and must have paid premiums for workers’ compensation to a private carrier of not less than $50,000 per year for each of the preceding 2 years before the employer may seek approval from the Administrator of arrangements to provide accident benefits.
2. A corporate employer who elects and is approved by the Administrator to provide accident benefits for his or her employees shall file with the Administrator an annual, audited financial report of the corporation and such other financial information as may be required to establish the financial responsibility necessary to provide accident benefits.
[Industrial Comm’n, Nos. 33.200 & 33.220, eff. 10-13-77] — (NAC A by Div. of Industrial Relations by R098-98, 12-18-98, eff. 7-1-99)