NAC616B.7755. Annual expenditures for claims: Records; reports; reductions for amounts received from subrogation or reimbursement.

     1. Each association shall maintain records in this State of the annual expenditures for claims of the association. Such records must include, without limitation:

     (a) Copies of all checks that have been issued for each claim;

     (b) A register that documents all checks that have been issued for each claim and any voided checks related to such claims;

     (c) A register that documents any other form of payment that has been made for each claim; and

     (d) Any working papers that the association used to report annual expenditures for claims of the association.

     2. Except as otherwise provided in this subsection and subsection 3, each association shall provide to the Division, at such times and in such form and manner as prescribed by the Division:

     (a) A report that contains the annual expenditures for claims and expected annual expenditures for claims of the association;

     (b) A report which contains the annual expenditures for claims of the association, divided into monthly expenditures, and which has been verified and signed by an authorized employee or agent of the association; and

     (c) Any other information that the Division determines is necessary to calculate an estimated annual assessment or final annual assessment for the association.

     3. The Division may, by written request, require an association to provide a copy or certified copy of any check described in subsection 1. If an association receives such a request, the association shall provide the Division with a copy or certified copy, as requested, of both sides of the check not later than 15 days after the date that the association receives the request.

     4. To calculate its annual expenditures for claims pursuant to this section, an association shall reduce its annual expenditures for claims made in each fiscal year by the amount of the money the association received in that fiscal year from subrogation and reimbursement from the Account.

     (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)