NAC616B.564. Annual report: Filing; signature; failure to file.

     1. As a condition to the continuance of its certification, an association must file, on forms supplied by the Commissioner, a report on claims filed with the association in the previous fiscal year.

     2. The annual report on claims must be filed on or before September 30 of each year, or within an additional time allowed by the Commissioner.

     3. Unless otherwise approved by the Commissioner, the annual report on claims must be signed by the third-party administrator of the association, the association’s administrator and by an authorized member of its board of trustees.

     4. An association will be assessed an administrative fine of $50 for each day in which it has failed to file the annual report on claims.

     5. The Commissioner may require an association to submit quarterly reports on claims in addition to the annual report on claims.

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