NAC679B.121. Payment of claims.

     1. Whenever claims are approved in any fiscal year against the Account which total more than the maximum liability of $5,000 for the acts of one licensee, the $5,000 must be distributed among the claimants in the proportion that their respective claims bear to the total of all claims approved.

     2. All petitions for payment out of the Account must be filed on or before May 15 of the fiscal year for which the petitioner is seeking relief. Except as provided in subsection 3, all money will be distributed on June 30 of each fiscal year.

     3. If, on June 30, the money deposited in the Account and allotted for the satisfaction of claims is insufficient to satisfy any approved claim or portion thereof, the Commissioner will pay the claims or portions of the claims in the order in which they were filed. The Commissioner will satisfy the unpaid claims when sufficient money has been deposited in the Account.

     4. The Commissioner will not pay interest on any approved claim or portion of a claim.

     (Added to NAC by Comm’r of Insurance, eff. 3-18-82; A by R152-99, 1-28-2000)