NAC: CHAPTER 680C - FUND FOR INSURANCE ADMINISTRATION AND ENFORCEMENT

[Rev. 9/26/2018 11:51:49 AM]

[NAC-680C Revised Date: 9-18]

CHAPTER 680C - FUND FOR INSURANCE ADMINISTRATION AND ENFORCEMENT

680C.100 “Insurer” defined.

680C.200 Annual fee. [Effective July 1, 2019.]

680C.210 Notification of amount of annual fee. [Effective through June 30, 2019.]

680C.210 Notification of amount of annual fee. [Effective July 1, 2019.]

680C.220 Due date for payment of annual fee; administrative fine for failure to pay. [Effective through June 30, 2019.]

680C.220 Due date for payment of annual fee; administrative fine for failure to pay. [Effective July 1, 2019.]

680C.250 Public meeting of Commissioner to present preliminary budget request for inclusion in executive budget; notice of meeting and opportunity to comment; required contents of budget request. [Effective through June 30, 2019.]

680C.260 Public meeting of Commissioner to present legislatively approved budget and proposed amount of annual fee; required notice of meeting. [Effective through June 30, 2019.]

680C.260 Public meeting of Commissioner to present legislatively approved budget and proposed amount of annual fee; required notice of meeting. [Effective July 1, 2019.]

NAC 680C.100 “Insurer” defined. (NRS 679B.130, 680C.110) As used in this chapter, unless the context otherwise requires, “insurer” means:

1. An insurer who is authorized to transact:

(a) Casualty insurance, as defined in NRS 681A.020;

(b) Health insurance, as defined in NRS 681A.030;

(d) Property insurance, as defined in NRS 681A.060;

2. A title insurer, as defined in NRS 692A.070;

3. A fraternal benefit society, as defined in NRS 695A.010;

4. A corporation subject to the provisions of chapter 695B of NRS;

5. A health maintenance organization, as defined in NRS 695C.030;

6. An organization for dental care, as defined in NRS 695D.060; or

7. A prepaid limited health service organization, as defined in NRS 695F.050.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016)

NAC 680C.200 Annual fee. [Effective July 1, 2019.] (NRS 679B.130, 680C.110)

1. Each insurer described in subsection 5 of NRS 680C.110 shall pay the following annual fee that is determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 and is based on the direct written premiums reported to the Commissioner by the insurer during the previous year:

(a) Less than $1 in direct written premiums.......................................................................... $1,500

(b) At least $1 but not more than $100,000 in direct written premiums................................. $1,800

(d) More than $1,000,000 but not more than $5,000,000 in direct written premiums............ $2,800

(e) More than $5,000,000 in direct written premiums........................................................... $3,600

2. The insurer shall pay the annual fee required in subsection 1 pursuant to NAC 680C.220.

(Added to NAC by Comm’r of Insurance by R024-17, 12-19-2017, eff. 7-1-2019)

NAC 680C.210 Notification of amount of annual fee. [Effective through June 30, 2019.] (NRS 679B.130, 680C.110) On or before May 31 of each year, the Commissioner will notify each insurer of the amount of the annual fee determined by the Commissioner pursuant to subsection 6 of NRS 680C.110.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016)

NAC 680C.210 Notification of amount of annual fee. [Effective July 1, 2019.] (NRS 679B.130, 680C.110) On or before May 31 of each year, the Commissioner will notify each insurer of the amount of the annual fee set forth in NAC 680C.200.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016; A by R024-17, 12-19-2017, eff. 7-1-2019)

NAC 680C.220 Due date for payment of annual fee; administrative fine for failure to pay. [Effective through June 30, 2019.] (NRS 679B.130, 680C.110)

1. Except as otherwise provided in subsection 2, an insurer shall pay the annual fee determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 not later than July 1 of each year.

2. If an insurer pays the initial fee required pursuant to subsection 5 of NRS 680C.110:

(a) On or before July 1, the insurer shall pay the annual fee determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 on or before July 15 of that year. The insurer shall pay all subsequent annual fees not later than July 1 of each year.

(b) After July 1, the insurer shall pay the annual fee determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 not later than 30 days after the insurer pays the initial fee. The insurer shall pay all subsequent annual fees not later than July 1 of each year.

3. An insurer who fails to pay the annual fee by the date the fee is due is subject to an administrative fine of not less than $25 for each day the fee remains unpaid.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016)

NAC 680C.220 Due date for payment of annual fee; administrative fine for failure to pay. [Effective July 1, 2019.] (NRS 679B.130, 680C.110)

1. Except as otherwise provided in subsection 2, an insurer shall pay the annual fee set forth in NAC 680C.200 not later than July 1 of each year.

2. If an insurer pays the initial fee required pursuant to subsection 5 of NRS 680C.110:

(a) On or before July 1, the insurer shall pay the annual fee set forth in NAC 680C.200 on or before July 15 of that year. The insurer shall pay all subsequent annual fees set forth in NAC 680C.200 not later than July 1 of each year.

(b) After July 1, the insurer shall pay the annual fee set forth in NAC 680C.200 not later than 30 days after the insurer pays the initial fee. The insurer shall pay all subsequent annual fees set forth in NAC 680C.200 not later than July 1 of each year.

3. An insurer who fails to pay the annual fee set forth in NAC 680C.200 by the date the fee is due is subject to an administrative fine of not less than $25 for each day the fee remains unpaid.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016; A by R024-17, 12-19-2017, eff. 7-1-2019)

NAC 680C.250 Public meeting of Commissioner to present preliminary budget request for inclusion in executive budget; notice of meeting and opportunity to comment; required contents of budget request. [Effective through June 30, 2019.] (NRS 679B.130, 680C.110)

1. On or before April 30 of each even-numbered year, the Commissioner will hold a public meeting to present his or her preliminary budget request to be submitted for inclusion in the executive budget pursuant to the guidelines determined by the Office of Finance. Notice of the meeting must be posted at least 5 working days before the meeting.

2. The preliminary budget request presented by the Commissioner must:

(a) To the extent practicable, contain:

(1) Base budget expenditures, including, without limitation, expenditures relating to personnel, operations, equipment and technology and other expenses necessary for the efficient and effective functioning of the Division as a regulatory agency; and

(2) Recommended enhancements to the budget.

(b) Provide any estimated change to the annual fee determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 and the reason therefor.

3. The public meeting held pursuant to this section must provide all interested parties with an opportunity to comment on the preliminary budget request.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016)

2. The preliminary budget request presented by the Commissioner must:

(a) To the extent practicable, contain:

(2) Recommended enhancements to the budget.

(b) Provide any estimated change to the annual fee set forth in NAC 680C.200 and the reason therefor.

3. The public meeting held pursuant to this section must provide all interested parties with an opportunity to comment on the preliminary budget request.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016; A by R024-17, 12-19-2017, eff. 7-1-2019)

NAC 680C.260 Public meeting of Commissioner to present legislatively approved budget and proposed amount of annual fee; required notice of meeting. [Effective through June 30, 2019.] (NRS 679B.130, 680C.110)

1. Each year before the amount of the annual fee is determined by the Commissioner pursuant to subsection 6 of NRS 680C.110, the Commissioner will hold a public meeting to present the budget of the Division as approved by the Legislature and the proposed amount of the annual fee. Notice of the meeting must be posted:

(a) At least 5 working days before the meeting; and

(b) At a minimum:

(1) At the Grant Sawyer Office Building located at 555 East Washington Avenue, Las Vegas, Nevada, the Legislative Building and all offices of the Division; and

(2) In the location established on the official website of the State pursuant to NRS 232.2175 and on the official website of the Division.

2. In addition to the notice posted pursuant to subsection 1, the Commissioner will also send a notice of the meeting to each person included on the mailing list that the Division is required to maintain pursuant to paragraph (e) of subsection 1 of NRS 233B.0603.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016)

NAC 680C.260 Public meeting of Commissioner to present legislatively approved budget and proposed amount of annual fee; required notice of meeting. [Effective July 1, 2019.] (NRS 679B.130, 680C.110)

1. Each year before the amount of the annual fee is determined by the Commissioner pursuant to subsection 6 of NRS 680C.110 and set forth in NAC 680C.200, the Commissioner will hold a public meeting to present the budget of the Division as approved by the Legislature and the proposed amount of the annual fee. Notice of the meeting must be posted:

(a) At least 5 working days before the meeting; and

(b) At a minimum:

(1) At the Grant Sawyer Office Building located at 555 East Washington Avenue, Las Vegas, Nevada, the Legislative Building and all offices of the Division; and

(2) In the location established on the official website of the State pursuant to NRS 232.2175 and on the official website of the Division.

(Added to NAC by Comm’r of Insurance by R001-16, eff. 6-28-2016; A by R024-17, 12-19-2017, eff. 7-1-2019)