616B.584 - Creation and administration of Subsequent Injury Account for Private Carriers; assessment rates, payments and penalties.
616B.584 Creation and administration of Subsequent Injury Account for Private Carriers; assessment rates, payments and penalties.
1. There is hereby created in the Fund for Workers’ Compensation and Safety in the State Treasury the Subsequent Injury Account for Private Carriers, which may be used only to make payments in accordance with the provisions of NRS 616B.587 and 616B.590. The Administrator shall administer the Account.
2. All assessments, penalties, bonds, securities and all other properties received, collected or acquired by the Administrator for the Subsequent Injury Account for Private Carriers must be delivered to the custody of the State Treasurer.
3. All money and securities in the Account must be held by the State Treasurer as custodian thereof to be used solely for workers’ compensation for employees whose employers are insured by private carriers.
4. The State Treasurer may disburse money from the Account only upon written order of the State Controller.
5. The State Treasurer shall invest money of the Account in the same manner and in the same securities in which the State Treasurer is authorized to invest State General Funds which are in the custody of the State Treasurer. Income realized from the investment of the assets of the Account must be credited to the Account.
6. The Administrator shall adopt regulations for the establishment and administration of assessment rates, payments and penalties. Assessment rates must reflect the relative hazard of the employments covered by private carriers, must result in an equitable distribution of costs among the private carriers and must be based upon expected annual premiums to be received.
7. 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 private carrier who wishes to appeal the rate so filed must do so pursuant to NRS 679B.310.
(Added to NRS by 1995, 2124; A 1997, 593, 596; 1999, 399, 1773; 2001, 2451, 2763)