Nevada § 616B.404 - Statement of financial condition: Filing dates; contents; form; additional reports

§ 616B.404. Statement of financial condition: Filing dates; contents; form; additional reports

1. An association of self-insured public or private employers shall file with the

Commissioner an audited statement of financial condition prepared by an independent

certified public accountant. The statement must be filed on or before May 1 of each year or within 120 days after

the conclusion of the association's fiscal year and must contain information for the

previous fiscal year. 2. The statement required by subsection 1 must be in a form prescribed by the Commissioner

and include, without limitation: (a) A statement of the reserves for: (1) Actual claims and expenses; (2) Claims incurred but not reported, and the expenses associated with those claims; (3) Assessments that are due, but not paid; and (4) Unpaid debts, which must be shown as liabilities. (b) An actuarial opinion regarding reserves that is prepared by a member of the American

Academy of Actuaries or another specialist in loss reserves identified in the annual

statement adopted by the National Association of Insurance Commissioners. The actuarial opinion must include a statement of: (1) Actual claims and the expenses associated with those claims; and (2) Claims incurred but not reported, and the expenses associated with those claims. 3. The Commissioner may adopt a uniform financial reporting system for associations

of self-insured public and private employers to ensure the accurate and complete reporting

of financial information. 4. The Commissioner may require the filing of such other reports as the Commissioner

deems necessary to carry out the provisions of this section, including, without limitation: (a) Audits of the payrolls of the members of an association of self-insured public

or private employers; (b) Reports of losses; and (c) Quarterly financial statements.