Nevada Revised Statutes 679B.305 – Creation; use; assessment of fee to maintain balance; regulations; limit of liability
1. There is hereby created the Insurance Recovery Account in the Fund for Insurance Administration and Enforcement created by NRS 680C.100.
Terms Used In Nevada Revised Statutes 679B.305
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A balance of not less than $40,000 must be maintained in the Account to be used for satisfying claims against persons licensed pursuant to chapters 683A, 684A, 685A and 692A of NRS. Except as otherwise provided in this subsection, if the balance in the Account is less than $40,000 at the end of a fiscal year, the Commissioner may, during the next fiscal year, assess a fee of not more than $10 on each person licensed pursuant to chapter 683A, 684A, 685A or 692A of NRS. The Commissioner shall deposit such fees into the Insurance Recovery Account. The Commissioner shall not assess a fee pursuant to this subsection in consecutive fiscal years.
3. The Commissioner shall adopt reasonable regulations for:
(a) The administration of the Account, including the manner, time, procedure and grounds for recovery against the Account; and
(b) The assessment of a fee pursuant to subsection 2.
4. The limit of liability of the Insurance Recovery Account is $5,000 per fiscal year for any one licensee.