NAC679B.157. Special Investigative Account: Payment of assessment; administrative fine; willful violation.

     1. Each insurer who holds a certificate of authority in this State shall pay the assessment for the investigation of fraudulent claims on or before August 1 of each year.

     2. Each such insurer who fails to pay this assessment or pays it late is subject to an administrative fine in an amount equal to the assessment. This fine is assessed by the Division upon notice to the company accompanied by a bill for the assessment and fine. Payment of the bill waives any right to an administrative hearing on the matter, and the bill must so state.

     3. An insurer who pays the assessment late in 2 consecutive years, or fails to pay it for 2 consecutive years, shall be deemed to have willfully violated this section and the provisions of NRS 679B.700. The late payment or nonpayment reflects on the competency of the management of the company.

     (Added to NAC by Comm’r of Insurance, eff. 10-30-85; A 5-27-92; 3-30-94)