tion 5 or 6 if he determines the association has ceased to comply with any of the requirements set forth in subsection 5 or 6, as applicable. 8. A member of an association may terminate his membership at any time. To terminate his membership, a member must submit to the association’s administrator a notice of intent to withdraw from the association at least 120 days before the effective date of withdrawal. The notice of intent to withdraw must include a statement indicating that the member has: (a) Been certified as a self-insured employer pursuant to NRS 616B.312; (b) Become a member of another association of self-insured public or private employers; or (c) Become insured by a private carrier. 9. The members of an association may cancel the membership of any member of the association in accordance with the bylaws of the association. 10. The association shall: (a) Within 30 days after the addition of an employer to the membership of the association, notify the Commissioner of the addition and: (1) If the association has not received authority from the Commissioner pursuant to subsection 5 or 6, as applicable, provide to the Commissioner all information and assurances for the new member that were required from each of the original members of the association upon its organization; or (2) If the association has received authority from the Commissioner pursuant to subsection 5 or 6, as applicable, provide to the Commissioner evidence that is satisfactory to the Commissioner that the new member is a member or associate member of the bona fide trade association as required pursuant to paragraph (a) of subsection 2 of NRS 616B.350, a copy of the indemnity agreement that jointly and severally binds the new member, the other members of the association and the association that is required to be executed pursuant to paragraph (a) of subsection 1 of NRS 616B.353 and any other information the Commissioner may reasonably require to determine whether the amount of security deposited with the Commissioner pursuant to paragraph (d) or (e) of subsection 1 of NRS 616B.353 is sufficient, but such information must not exceed the information required to be provided to the Commissioner pursuant to subparagraph (1); (b) Notify the Commissioner and the Administrator of the termination or cancellation of the membership of any member of the association within 10 days after the termination or cancellation; and (c) At the expense of the member whose membership is terminated or cancelled, maintain coverage for that member for 30 days after notice is given pursuant to paragraph (b), unless the association first receives notice from the Administrator that the member has: (1) Been certified as a self-insured employer pursuant to NRS 616B.312; (2) Become a member of another association of self-insured public or private employers; or (3) Become insured by a private carrier. 11. If a member of an association changes his name or form of organization, the member remains liable for any obligations incurred or any responsibilities imposed pursuant to chapters 616A to 617, inclusive, of NRS under his former name or form of organization. 12. An association is liable for the payment of any compensation required to be paid by a member of the association pursuant to chapters 616A to 616D, inclusive, or chapter 617 of NRS during his period of membership. The insolvency or bankruptcy of a member does not relieve the association of liability for the payment of the compensation. (Added to NRS by 1993, 674; A 1995, 1983, 2023; 1997, 579; 1999, 811, 813, 1719, 1769; 2003, 3340) NRS 616B.392 Notification of Commissioner required if change in information submitted for certification. 1. An association of self-insured public or private employers shall notify the Commissioner of any change in the information submitted in its application for certification or in the manner of its compliance with NRS 616B.353 not later than 30 days after the change. 2. For the purposes of this section, the addition of an employer to the membership of an association of self-insured private employers is not a change in the information that the association submitted in its application for certification. (Added to NRS by 1993, 674; A 1999, 816) NRS 616B.395 Examination of books, records, accounts and assets of association by Commissioner; payment of related expenses. 1. The Commissioner may examine the books, records, accounts and assets of an association of self-insured public or private employers as he deems necessary to carry out the provisions of NRS 616B.350 to 616B.446, inclusive. 2. The expense of any examination conducted pursuant to this section must be paid by the association. (Added to NRS by 1993, 675)—(Substituted in revision for NRS 616.3794) NRS 616B.398 Commissioner is resident agent of association for receipt of initial legal process. An association of self-insured public or private employers shall be deemed to have appointed the Commissioner as its resident agent to receive any initial legal process authorized by law to be served upon the association for as long as the association is obligated to pay any compensation under chapters 616A to 616D, inclusive, or chapter 617 of NRS. (Added to NRS by 1993, 675)—(Substituted in revision for NRS 616.37945) NRS 616B.401 Merger of associations. 1. An association of self-insured public employers may merge with another association of self-insured public employers if: (a) The resulting association assumes in full all obligations of the merging associations; and (b) The merger is approved by the Commissioner. 2. An association of self-insured private employers may merge with another association of self-insured private employers if: (a) The members of the merging associations are engaged in the same or similar trade; (b) The resulting association assumes in full all obligations of the merging associations; and (c) The merger is approved by the Commissioner. 3. The Commissioner shall conduct a hearing on the proposed merger if any member of the merging associations so requests. The Commissioner may on his own motion conduct such a hearing. (Added to NRS by 1993, 675; A 1995, 1984)—(Substituted in revision for NRS 616.37947) NRS 616B.404 Statement of financial condition: Filing dates; contents; form; additional reports. 1. An association of self-insured public or private employers shall file with the Commissioner an audited statement of financial condition prepared by an independent certified public accountant. The statement must be filed on or before May 1 of each year or within 120 days after the conclusion of the association’s fiscal year and must contain information for the previous fiscal year. 2. The statement required by subsection 1 must be in a form prescribed by the Commissioner and include, without limitation: (a) A statement of the reserves for: (1) Actual claims and expenses; (2) Claims incurred but not reported, and the expenses associated with those claims; (3) Assessments that are due, but not paid; and (4) Unpaid debts, which must be shown as liabilities. (b) An actuarial opinion regarding reserves that is prepared by a member of the American Academy of Actuaries or another specialist in loss reserves identified in the annual statement adopted by the National Association of Insurance Commissioners. The actuarial opinion must include a statement of: (1) Actual claims and the expenses associated with those claims; and (2) Claims incurred but not reported, and the expenses associated with those claims. 3. The Commissioner may adopt a uniform financial reporting system for associations of self-insured public and private e

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