NAC616B.546. Required security deposit: Records; maintenance and review of lists of claims; costs of administration.

An association shall maintain such records as are necessary to document that it maintains an adequate amount for a security deposit pursuant to NRS 616B.353. To determine the accuracy of the recorded and reported amounts for claim reserves, the association shall maintain and the Commissioner will review:

     1. A list of open and closed claims, which must include:

     (a) The claimant’s name;

     (b) The number assigned to the claim;

     (c) The date of the injury;

     (d) The status of the claim, including whether it is open or closed;

     (e) The total reserve amount for medical costs and indemnity for each claim;

     (f) The total amount paid for medical costs and indemnity for each claim;

     (g) The total reserve balance for medical costs and indemnity for each claim;

     (h) The total incurred cost of each claim;

     (i) The total for all claims of payments for medical costs and indemnity; and

     (j) The total of reserve balances for all open claims, including future liabilities for medical costs and indemnity.

     2. A list of claims covered or paid by excess insurance.

     3. The cost of administration of claims.

     (Added to NAC by Comm’r of Insurance, eff. 3-22-96)