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Nevada Revised Statutes Title 57. Insurance § 695F.320. Annual report and financial statement; quarterly statement; additional reports; penalties for failure to file report or statement

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Each prepaid limited health service organization shall file with the Commissioner annually, on or before March 1, a report showing its financial condition on the last day of the preceding calendar year. The report must be verified by at least two principal officers of the organization.

2. The report must be on a form prescribed by the Commissioner and include:

(a) A financial statement of the organization, including its balance sheet and receipts and disbursements for the preceding calendar year;

(b) The number of subscribers at the beginning and the end of the year and the number of enrollments terminated during the year; and

(c) Such other information as the Commissioner may prescribe.

3. Each prepaid limited health service organization shall file with the Commissioner annually an audited financial statement prepared in accordance with the provisions of subsection 1 of NRS 680A.265.

4. Each prepaid limited health service organization shall file with the Commissioner and the National Association of Insurance Commissioners a quarterly statement in the form most recently adopted by the National Association of Insurance Commissioners for that type of insurer. The quarterly statement must be:

(a) Prepared in accordance with the instructions which are applicable to that form, including, without limitation, the required date of submission for the form; and

(b) Filed by electronic means.

5. The Commissioner may require more frequent reports containing such information as is necessary to enable the Commissioner to carry out his or her duties pursuant to this chapter.

6. The Commissioner may:

(a) Assess a fine of not more than $100 per day for each day a report or statement required pursuant to this section is not filed after the report or statement is due, but the fine must not exceed $3,000; and

(b) Suspend the organization's certificate of authority until the organization files the report or statement, as applicable.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 695F.320. Annual report and financial statement; quarterly statement; additional reports; penalties for failure to file report or statement - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-695f-320/

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