616B.554 - Creation and administration of Subsequent Injury Account for Self-Insured Employers; assessment rates, payments and penalties.
616B.554 Creation and administration of Subsequent Injury Account for Self-Insured Employers; 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 Self-Insured Employers, which may be used only to make payments in accordance with the provisions of NRS 616B.557 and 616B.560. The Board shall administer the Account based upon recommendations made by the Administrator pursuant to subsection 8.
2. All assessments, penalties, bonds, securities and all other properties received, collected or acquired by the Board for the Subsequent Injury Account for Self-Insured Employers 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 of self-insured employers.
4. The State Treasurer may disburse money from the Account only upon written order of the Board.
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 Fund.
6. The Board shall adopt regulations for the establishment and administration of assessment rates, payments and penalties. Assessment rates must result in an equitable distribution of costs among the self-insured employers and must be based upon expected annual expenditures for claims for payments from the Subsequent Injury Account for Self-Insured Employers.
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 self-insured employer who wishes to appeal the rate so filed must do so pursuant to NRS 679B.310.
8. The Administrator shall:
(a) Evaluate any claim submitted to the Board for payment or reimbursement from the Subsequent Injury Account for Self-Insured Employers and recommend to the Board any appropriate action to be taken concerning the claim; and
(b) Submit to the Board any other recommendations relating to the Account.
(Added to NRS by 1981, 1454; A 1987, 452; 1991, 207; 1993, 725, 1867; 1995, 531, 539, 2143, 2169, 2170; 1997, 127, 593; 1999, 1772; 2001, 2449, 2758)