§ 679B.305 — Creation; use; assessment of fee to maintain balance; regulations; limit of liability

Nevada § 679B.305

• Jurisdiction: Nevada
• Title 57: INSURANCE
• Ch. 679B: Commissioner

Text

1. There is hereby created the Insurance Recovery Account in the Fund for Insurance Administration and Enforcement created by NRS 680C.100 .
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.

Legislative History

(Added to NRS by 1977, 1326 ; A 1981, 1796 ; 1987, 149 ; 1991, 1818 ; 2010, 26th Special Session, 25 ; 2011, 979 ; 2015, 2832 )