Nevada § 616B.413 - Payment of dividends to members of association

§ 616B.413. Payment of dividends to members of association

1. If the assets of an association of self-insured public or private employers exceed

the amount necessary for the association to: (a) Pay its obligations and administrative expenses; (b) Carry reasonable reserves; and (c) Provide for contingencies, the board of trustees of the association may, after obtaining the approval of the

Commissioner, declare and distribute dividends to the members of the association. 2. Any dividend declared pursuant to subsection 1 must be distributed not less than

12 months after the end of the fund year. 3. A dividend may be paid only to those members who are members of the association

for the entire fund year. The payment of a dividend must not be conditioned upon the member continuing his

or her membership in the association after the fund year. 4. An association shall give to each prospective member of the association a written

description of its plan for distributing dividends when the prospective member applies

for membership in the association.