616A.425 - Fund for Workers’ Compensation and Safety.
616A.425 Fund for Workers’ Compensation and Safety.
1. There is hereby established in the State Treasury the Fund for Workers’ Compensation and Safety as an enterprise fund. All money received from assessments levied on insurers and employers by the Administrator pursuant to NRS 232.680 must be deposited in this Fund.
2. All assessments, penalties, bonds, securities and all other properties received, collected or acquired by the Division for functions supported in whole or in part from the Fund must be delivered to the custody of the State Treasurer for deposit to the credit of the Fund.
3. All money and securities in the Fund must be used to defray all costs and expenses of administering the program of workers’ compensation, including the payment of:
(a) All salaries and other expenses in administering the Division of Industrial Relations, including the costs of the office and staff of the Administrator.
(b) All salaries and other expenses of administering NRS 616A.435 to 616A.460, inclusive, the offices of the Hearings Division of the Department of Administration and the programs of self-insurance and review of premium rates by the Commissioner.
(c) The salary and other expenses of a full-time employee of the Legislative Counsel Bureau whose principal duties are limited to conducting research and reviewing and evaluating data related to industrial insurance.
(d) All salaries and other expenses of the Fraud Control Unit for Industrial Insurance established pursuant to NRS 228.420.
(e) Claims against uninsured employers arising from compliance with NRS 616C.220 and 617.401.
(f) That portion of the salaries and other expenses of the Office for Consumer Health Assistance established pursuant to NRS 223.550 that is related to providing assistance to consumers and injured employees concerning workers’ compensation.
4. The State Treasurer may disburse money from the Fund only upon written order of the Controller.
5. The State Treasurer shall invest money of the Fund in the same manner and in the same securities in which the State Treasurer is authorized to invest state general funds which are in his or her custody. Income realized from the investment of the assets of the Fund must be credited to the Fund.
6. The Commissioner shall assign an actuary to review the establishment of assessment rates. The rates must be filed with the Commissioner 30 days before their effective date. Any insurer or employer who wishes to appeal the rate so filed must do so pursuant to NRS 679B.310.
7. If the Division refunds any part of an assessment, the Division shall include in that refund any interest earned by the Division from the refunded part of the assessment.
(Added to NRS by 1981, 1454; A 1991, 207, 2414, 2440; 1993, 1867, 2803; 1995, 625; 1999, 1760; 2001, 959, 2755; 2003, 2808)