NAC616B.7767. Final annual assessment: Calculation; statement; refund; payment of deficit; penalty.

     1. As soon as practicable after the end of a fiscal year, the Division shall calculate a final annual assessment for each association for that completed fiscal year.

     2. To calculate the final annual assessment for an association for the completed fiscal year, the Division shall:

     (a) Calculate pursuant to NAC 616B.7764 the annual expenditures for claims of the association for the completed fiscal year based upon the appropriate information obtained from the association and the successor organization to the State Industrial Insurance System;

     (b) Calculate the amount of money deposited to and paid from the Account based upon the reports issued by the State Controller for the completed fiscal year relating to closing budgets and final trial balances; and

     (c) Use the formula set forth in subsection 2 of NAC 616B.7758 to calculate the final annual assessment for the association by substituting the figures for expected annual disbursements from the Account and expected annual expenditures for claims with the appropriate figures for the completed fiscal year for annual disbursements from the Account and annual expenditures for claims.

     3. The Division shall mail to each association a statement of its final annual assessment for the completed fiscal year.

     4. If the final annual assessment of an association for a completed fiscal year is less than the estimated annual assessment that was paid by the association for that fiscal year, the Administrator shall return to the association the amount of the estimated annual assessment that exceeded the final annual assessment.

     5. If the final annual assessment of an association for a completed fiscal year is more than the estimated annual assessment that was paid by the association for that fiscal year, the association shall pay to the Division the amount of the final annual assessment that exceeded the estimated annual assessment. The Division shall include with the statement mailed to the association pursuant to subsection 3 a statement informing the association of the amount that is due and the date on which it is due. If the association does not pay the entire amount to the Division within 7 days after the date on which it is due, the Division shall assess against the association a penalty of $1,000 for each day that any portion of the amount remains unpaid, but such a penalty must not exceed $50,000 for each such unpaid amount.

     6. The Administrator may seek recovery of any unpaid assessments or penalties.

     (Added to NAC by Bd. for Admin. of Subsequent Injury Fund for Ass’ns of Self-Insured Pub. or Private Employers by R216-97, eff. 8-19-99)