Nevada Revised Statutes 617.207 – Applicability to officers of quasi-public and private corporations and managers of limited-liability companies; rejection of coverage by certain officers and managers
1. If a quasi-public or private corporation or limited-liability company is required to be insured pursuant to this chapter, an officer of the corporation or a manager of the company who:
Terms Used In Nevada Revised Statutes 617.207
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(a) Receives pay for service performed shall be deemed for the purposes of this chapter to receive a minimum pay of $6,000 per policy year and a maximum pay of $36,000 per policy year.
(b) Does not receive pay for services performed shall be deemed for the purposes of this chapter to receive a minimum pay of $500 per month or $6,000 per policy year.
2. An officer or manager who does not receive pay for services performed may elect to reject coverage for himself or herself by filing written notice thereof with the corporation or company and the insurer. The rejection is effective upon receipt of the notice by the insurer.
3. An officer or manager of such a corporation or company who:
(a) Owns the corporation or company; and
(b) Receives pay for the services performed, may elect to reject coverage for himself or herself by filing written notice thereof with the insurer. The rejection is effective upon receipt of the notice by the insurer.
4. An officer or manager who has rejected coverage may rescind that rejection by filing written notice thereof with the corporation or company and the insurer. The rescission is effective upon receipt of the notice by the insurer.