Section 616B.436 - Required deposit: Form; management of certain securities; evaluation of certain securities and assets1. Except as otherwise provided in subsection 3 of NRS 616B.300, a self-insured employer shall meet the deposit requirement of the self-insured program of workers' compensation by depositing with the Commissioner any of the following: (b) A savings certificate, certificate of deposit or investment certificate. Any such savings certificate, certificate of deposit or investment certificate must be from a financial institution that is insured federally, made payable to the Commissioner of Insurance and the employer.(c)A surety bond, if it is written by an insurer authorized and licensed to transact the business of surety insurance in this State.
(d) A letter of credit that meets the standards set forth in NAC 616B.439.(e) Securities guaranteed by the full faith and credit of the United States.(f) Any combination of paragraphs (a) to (e), inclusive. Priority of payment in case of loss must be in the order stated in this subsection.2. Securities guaranteed by the full faith and credit of the United States that are deposited in accordance with this section will be held in trust and administered by the Commissioner, unless:(a) The self-insured employer elects to use the services of a custodial financial institution for trust investments;(b) The custodial financial institution holds and administers the securities on behalf of the Commissioner under an agreement approved by the Commissioner; and(c) The custodial financial institution provides monthly statements of the account to the Division of Insurance of the Department of Business and Industry. A deposit made pursuant to this subsection may not be withdrawn except upon written order of the Commissioner. A deposit must be revised on or before June 30 each year or as the Commissioner determines to be appropriate and necessary.
3. If necessary, the Commissioner may select a competent specialist to make an evaluation: (a) Before accepting for deposit any security of the United States or asset; or(b) At any time after the security of the United States or asset is deposited with the Commissioner or held by a custodial financial institution in this State. The self-insured employer shall pay the cost of any such evaluation.
Nev. Admin. Code § 616B.436
Comm'r of Insurance, PC-25 § 13, eff. 8-6-80-NAC A 1-4-91; 1-24-92; 3-22-96; R112-04, 8-25-2004; R102-09, 1-28-2010; A by R095-17AP, eff. 2/27/2018NRS 616B.300 and 679B.130