n an amount determined by the Commissioner to be reasonably sufficient to ensure payment of such compensation, but in no event may it be less than $100,000. (e) In lieu of a bond, deposit with the Commissioner a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the Commissioner. 2. Except as otherwise provided in subsection 3, in addition to complying with the requirements of subsection 1, an association of self-insured private employers shall maintain a combined tangible net worth of all members in the association of at least $2,500,000. 3. In lieu of complying with the requirements of subsection 2, the association’s administrator shall ensure that a solvency bond, in a form prescribed by the Commissioner and in an aggregate amount of at least $2,500,000, is deposited with the Commissioner by the association or members of the association on behalf of the association. 4. The association’s administrator shall deposit with the Commissioner a bond executed by the association’s administrator as principal, and by a licensed surety, payable to the State of Nevada, and conditioned upon the faithful performance of his duties. The bond must be in an amount determined by the Commissioner. 5. Any third-party administrator providing claims services for the association shall deposit with the Commissioner a bond executed by the third-party administrator as principal, and by a licensed surety, payable to the State of Nevada, and conditioned upon the faithful performance of its duties. The bond must be in an amount determined by the Commissioner. 6. The Commissioner may increase or decrease the amount of any bond or money required to be deposited by this section in accordance with chapter 681B of NRS and his regulations for loss reserves in casualty insurance. If the Commissioner requires an association, association’s administrator or third-party administrator to increase its deposit, the Commissioner may specify the form of the additional security. The association, association’s administrator or third-party administrator shall comply with such a requirement within 60 days after receiving notice from the Commissioner. 7. The Account for Associations of Self-Insured Public and Private Employers is hereby created in the State Agency Fund for Bonds. All money received by the Commissioner pursuant to this section must be deposited with the State Treasurer to the credit of the Account. All claims against this Account must be paid as other claims against the State are paid. (Added to NRS by 1993, 670; A 1995, 1979)—(Substituted in revision for NRS 616.37915) NRS 616B.356 Certificate of authority required before surety or bonding company may furnish bond or other security for association. A surety or bonding company shall not furnish a bond or any other form of security required by the provisions of chapters 616A to 616D, inclusive, or chapter 617 of NRS for an association of self-insured public or private employers or a member of such an association unless the surety or bonding company holds a certificate of authority issued by the Commissioner. (Added to NRS by 1995, 1977) NRS 616B.359 Certificate of qualification as an association of self-insured employers: Time for consideration of application; issuance by Commissioner; contents; effective date; period certificate is in effect; cancellation by association. 1. The Commissioner shall grant or deny an application for certification as an association of self-insured public or private employers within 60 days after receiving the application. If the application is materially incomplete or does not comply with the applicable provisions of the law, the Commissioner shall notify the applicant of the additional information or changes required. Under such circumstances, if the Commissioner is unable to act upon the application within this 60-day period, he may extend the period for granting or denying the application, but for not longer than an additional 90 days. 2. Upon determining that an association is qualified as an association of self-insured public or private employers, the Commissioner shall issue a certificate to that effect to the association and the association’s administrator. No certificate may be issued to an association that, within the 2 years immediately preceding its application, has had its certification as an association of self-insured public or private employers involuntarily withdrawn by the Commissioner. 3. A certificate issued pursuant to this section must include, without limitation: (a) The name of the association; (b) The name of each employer who the Commissioner determines is a member of the association at the time of the issuance of the certificate; (c) An identification number assigned to the association by the Commissioner; and (d) The date on which the certificate was issued. 4. A certificate issued pursuant to this section remains in effect until withdrawn by the Commissioner or cancelled at the request of the association. Coverage for an association granted a certificate becomes effective on the date of certification or the date specified in the certificate. 5. The Commissioner shall not grant a request to cancel a certificate unless the association has insured or reinsured all incurred obligations with an insurer authorized to do business in this State pursuant to an agreement filed with and approved by the Commissioner. The agreement must include coverage for actual claims and claims incurred but not reported, and the expenses associated with those claims. (Added to NRS by 1993, 671; A 1995, 1641, 1981; 1997, 3218; 2003, 3340) NRS 616B.362 Effect of certification; responsibility of association to provide compensation and administer claims. 1. An association certified as an association of self-insured public or private employers directly assumes the responsibility for providing compensation due the employees of the members of the association and their beneficiaries under chapters 616A to 617, inclusive, of NRS. 2. An association is not required to pay the premiums required of other employers pursuant to chapters 616A to 617, inclusive, of NRS but is relieved from other liability for personal injury to the same extent as are other employers. 3. The claims of employees and their beneficiaries resulting from injuries while in the employment of a member of an association must be handled in the manner provided by chapters 616A to 616D, inclusive, of NRS, and the association is subject to the regulations of the Division with respect thereto. 4. The security deposited pursuant to NRS 616B.353 does not relieve an association from responsibility for the administration of claims and payment of compensation under chapters 616A to 617, inclusive, of NRS. (Added to NRS by 1993, 672; A 1995, 649; 1999, 216) NRS 616B.365 Board of trustees: Members; duties; prohibited acts. 1. An association of self-insured public or private employers must be operated by a board of trustees consisting of at least five members whom the members of the association elect for terms set forth in the bylaws of the association. If the association is an association of self-insured: (a) Public employers, the members of the board of trustees must be officers or employees of the public employers who are members of the association. (b) Private employers, at least two-thirds of the members of the board of trustees must be employees, officers or directors of the members of the association. No association’s administrator or third-party administrator employed by the association, or any owner, officer, employee or other person affiliated with the association’s administrator or t

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