Nevada Administrative Code
Chapter 616B - Industrial Insurance: Insurers; Liability for Provision of Coverage
PRIVATE CARRIERS
Section 616B.623 - Policy of industrial insurance: Determination of unearned or earned premium when policy cancelled before anniversary date or written for less than 12 months
Universal Citation: NV Admin Code 616B.623
Current through December 12, 2024
1. To determine the unearned premium that must be returned to an employer or the earned premium that must be paid to the insurer, as appropriate, when a policy of industrial insurance is cancelled before the anniversary date of the policy or written for a term of less than 12 months:
(a) The
limitation of $36,000 established pursuant to
NRS
616B.222 on the amount an employee is deemed
to have received for services performed during the year in which a policy of
industrial insurance is effective shall be deemed to be earned by that employee
in increments of $3,000 per month and, if the policy includes a period of less
than a month, in daily increments of an amount that represents a proportionate
distribution of $3,000 over a month.
(b) Payment that is not received by an
employee in even increments throughout the year in which the policy is
effective shall be deemed to be paid in accordance with the rating rule for
bonuses filed by the advisory organization with the Commissioner pursuant to
NRS
686B.177.
2. As used in this section, "advisory organization" has the meaning ascribed to it in NRS 686B.1752.
Added to NAC by Comm'r of Insurance by R140-99, eff. 1-27-2000
NRS 616B.030, 679B.130
Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
