NAC695C.360. Annual report of financial condition and financial statement; administrative penalty for failure to file report or statement; request for extension.

     1. A provider-sponsored organization shall file with the Commissioner on or before March 1 of each year a report showing its financial condition on the last day of the preceding calendar year. The report must be verified by at least two principal officers of the provider-sponsored organization.

     2. The report must be on forms prescribed by the Commissioner and must include:

     (a) A financial statement of the provider-sponsored organization, including its balance sheet and receipts and disbursements for the preceding calendar year;

     (b) Any material changes in the information submitted pursuant to NAC 695C.115;

     (c) The number of persons enrolled during the year, the number of enrollees as of the end of the year, the number of enrollments terminated during the year and, if requested by the Commissioner, a compilation of the reasons for such terminations;

     (d) The number and amount of malpractice claims initiated against the provider-sponsored organization and any of the providers used by it during the year broken down into claims with and without form of legal process and the disposition, if any, of each such claim, if requested by the Commissioner; and

     (e) Such other information relating to the performance of the provider-sponsored organization as is necessary to enable the Commissioner to carry out his or her duties pursuant to this chapter.

     3. A provider-sponsored organization shall file with the Commissioner annually an audited financial statement of the provider-sponsored organization prepared by an independent certified public accountant. The statement must cover the preceding 12-month period and must be filed with the Commissioner within 120 days after the end of the fiscal year of the provider-sponsored organization. Upon written request, the Commissioner may grant a 30-day extension.

     4. If a provider-sponsored organization fails to file timely the report or financial statement required by this section, it shall pay an administrative penalty of $100 per day until the report or statement is filed, except that the total penalty must not exceed $3,000. The Attorney General shall recover the penalty in the name of the State of Nevada.

     5. The Commissioner may grant a reasonable extension of time for filing the report or financial statement required by this section if the request for an extension is submitted in writing and shows good cause.

     (Added to NAC by Comm’r of Insurance by R148-99, eff. 1-27-2000)