616B.404 - Statement of financial condition: Filing dates; contents; form; additional reports.
616B.404 Statement of financial condition: Filing dates; contents; form; additional reports.
1. An association of self-insured public or private employers shall file with the Commissioner an audited statement of financial condition prepared by an independent certified public accountant. The statement must be filed on or before May 1 of each year or within 120 days after the conclusion of the association’s fiscal year and must contain information for the previous fiscal year.
2. The statement required by subsection 1 must be in a form prescribed by the Commissioner and include, without limitation:
(a) A statement of the reserves for:
(1) Actual claims and expenses;
(2) Claims incurred but not reported, and the expenses associated with those claims;
(3) Assessments that are due, but not paid; and
(4) Unpaid debts, which must be shown as liabilities.
(b) An actuarial opinion regarding reserves that is prepared by a member of the American Academy of Actuaries or another specialist in loss reserves identified in the annual statement adopted by the National Association of Insurance Commissioners. The actuarial opinion must include a statement of:
(1) Actual claims and the expenses associated with those claims; and
(2) Claims incurred but not reported, and the expenses associated with those claims.
3. The Commissioner may adopt a uniform financial reporting system for associations of self-insured public and private employers to ensure the accurate and complete reporting of financial information.
4. The Commissioner may require the filing of such other reports as the Commissioner deems necessary to carry out the provisions of this section, including, without limitation:
(a) Audits of the payrolls of the members of an association of self-insured public or private employers;
(b) Reports of losses; and
(c) Quarterly financial statements.
(Added to NRS by 1993, 675; A 2003, 3343)