Nevada § 616B.003 - Periodic audit of insurers; required standard auditing procedures; information to be shared by Division of Insurance; report to Legislature

§ 616B.003. Periodic audit of insurers; required standard auditing procedures; information to be shared by Division of Insurance; report to Legislature

1. The Administrator shall cause to be conducted at least every 5 years an audit of

all insurers who provide benefits to injured employees pursuant to chapters 616A to

616D, inclusive, or chapter 617 of NRS . The Administrator shall cause to be conducted each year on a random basis additional

partial audits of any insurer who has a history of violations of the provisions of

chapters 616A to 616D, inclusive, or chapter 617 of NRS , or the regulations adopted pursuant thereto, as determined by the Administrator. 2. The Administrator shall require the use of standard auditing procedures and shall

establish a manual to describe the standard auditing procedures. The manual must include: (a) Specific audit objectives; (b) Standards for documentation; (c) Policies for supervisory review; (d) Policies for the training of auditors; (e) The format for the audit report; and (f) Procedures for the presentation, distribution and retention of the audit report. 3. The Commissioner and the Administrator shall establish a procedure for sharing

information between the Division of Insurance of the Department of Business and Industry

and the Division concerning the qualifications of employers as self-insured employers

pursuant to NRS 616B.300 or as an association of self-insured public or private employers pursuant to NRS 616B.353 . 4. On or before March 1 of each year, the Administrator shall make a report of each

audit to the Legislature, if it is in session, or to the Interim Finance Committee

if the Legislature is not in session.