NAC616B.588. Submission of reports and financial statements.

     1. During its first 2 years of operation, an association shall submit to the Commissioner a quarterly report concerning the losses of the association. The report must contain a statement of the number of open claims, the amount of reserves established for the medical and indemnity payments on the open claims, the amount paid to date for medical and indemnity payments on the open claims, the number of closed claims and the actual amounts paid for medical and indemnity payments on the closed claims. After an association has completed 2 years of operation, it shall submit the reports on a semiannual basis.

     2. During its first 2 years of operation, an association shall submit a quarterly financial statement concerning the association. After an association has completed 2 years of operation, it shall submit the reports on a semiannual basis.

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