Assembly Bill No. 617-Committee on Labor and Management

421

AN ACT relating to industrial insurance; establishing deemed wages for managers of limited-liability companies for the purposes of industrial insurance; and providing other matters properly relating thereto.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Sec. 67. NRS 616B.624 is hereby amended to read as follows:

616B.624 1. If a quasi-public or private corporation or a limited-liability company is required to be insured pursuant to chapters 616A to 616D, inclusive, of NRS, an officer of the corporation or a manager of the company who:

(a) Receives pay for services performed as an officer, manager or employee of the corporation or company shall be deemed for the purposes of those chapters to receive a minimum pay of $6,000 per calendar year and a maximum pay of $36,000 per calendar year.

(b) Does not receive pay for services performed as an officer, manager or employee of the corporation or company shall be deemed for the purposes of those chapters to receive a minimum pay of $500 per month or $6,000 per calendar year.

2. An officer or manager who does not receive pay for services performed as an officer, manager or employee of the corporation or company may elect to reject coverage by filing written notice thereof with the corporation or company and the [system.] insurer. The rejection is effective upon receipt of the notice by the [system.] insurer.

3. An officer or manager who has rejected coverage may rescind that rejection by filing written notice thereof with the corporation or company and the [system.] insurer. The rescission is effective upon receipt of the notice by the [system.] insurer. If an officer or manager who has rejected coverage receives pay for services performed as an officer, manager or employee of the corporation or company, the officer or manager shall be deemed to have rescinded that rejection.

4. A nonprofit corporation whose officers do not receive pay for services performed as officers or employees of the corporation may elect to reject coverage for its current officers and all future officers who do not receive such pay by filing written notice thereof with the corporation and the [system.] insurer. The rejection is effective upon receipt of the notice by the [system.] insurer.

5. A nonprofit corporation which has rejected coverage for its officers who do not receive pay for services performed as officers or employees of the corporation may rescind that rejection by filing written notice thereof with the corporation and the [system.] insurer. The rescission is effective upon receipt of the notice by the [system.] insurer. If an officer of a nonprofit corporation which has rejected coverage receives pay for services performed as an officer or employee of the corporation, the corporation shall be deemed to have rescinded that rejection.