Nev. Admin. Code § 616B.764

Current through October 11, 2024

Section 616B.764 - Claims for reimbursement for compensation paid by annuity; limitations

1. A private carrier who purchases an annuity to ensure the payment of a claim that is filed with the private carrier pursuant to chapters 616A to 617, inclusive, of NRS may submit a claim for reimbursement from the Subsequent Injury Account for Private Carriers in accordance with this section, NAC 616B.760, 616B.763, 616B.766 and 616B.767

2. The private carrier may submit, as provided in subsection 3, a claim for reimbursement for the amount of compensation that the annuity paid to the injured employee for whom the annuity was purchased.

3. The private carrier may submit a claim for reimbursement annually on the anniversary date of the purchase of the annuity or more frequently with good cause shown.

4. The Administrator will not approve or pay a claim for reimbursement for an annuity submitted pursuant to this section for:

(a) Any amounts which, in combination with previous reimbursements, exceed the lesser of:

(1) The price of the annuity; and

(2) The aggregate amount of compensation that the annuity has paid to the injured employee;

(b) Attorney's fees relating to the purchase of the annuity; or

(c) Any administrative expenses or other expenses relating to the purchase of the annuity, including, without limitation, expenses for the copying of records.

5. As used in this section, "good cause" includes, without limitation, a financial exigency or extraordinary circumstance.

Nev. Admin. Code § 616B.764

Added to NAC by Div. of Industrial Relations by R132-14, eff. 6/28/2016

NRS 616A.400, 616B.584, 616B.587, 616B.590