aggregate amount of $100,000, or withdraw the certificate of the association, or both. (Added to NRS by 1993, 678)—(Substituted in revision for NRS 616.37975) NRS 616B.428 Administrative fines for violations; authority of Commissioner to withdraw certification; effect of withdrawal. 1. The Commissioner may impose an administrative fine for each violation of any provision of NRS 616B.350 to 616B.446, inclusive, or any regulation adopted pursuant thereto. Except as otherwise provided in those sections, the amount of the fine may not exceed $1,000 for each violation or an aggregate amount of $10,000. 2. The Commissioner may withdraw the certificate of an association of self-insured public or private employers if: (a) The association’s certificate was obtained by fraud; (b) The application for certification contained a material misrepresentation; (c) The association is found to be insolvent; (d) The association fails to have five or more members; (e) The association fails to pay the costs of any examination or any penalty, fee or assessment required by the provisions of chapters 616A to 616D, inclusive, or chapter 617 of NRS; (f) The association fails to comply with any of the provisions of this chapter or chapter 616A, 616C, 616D or 617 of NRS, or any regulation adopted pursuant thereto; (g) The association fails to comply with any order of the Commissioner within the time prescribed by the provisions of chapters 616A to 616D, inclusive, or chapter 617 of NRS or in the order of the Commissioner; or (h) The association or its third-party administrator misappropriates, converts, illegally withholds or refuses to pay any money to which a person is entitled and that was entrusted to the association in its fiduciary capacity. 3. If the Commissioner withdraws the certification of an association of self-insured public or private employers, each employer who is a member of the association remains liable for his obligations incurred before and after the order of withdrawal. 4. Any employer who is a member of an association whose certification is withdrawn shall, on the effective date of the withdrawal, qualify as an employer pursuant to NRS 616B.650. (Added to NRS by 1993, 678; A 1999, 217) NRS 616B.431 Withdrawal of certificate of association: Informal meeting; notice of withdrawal; hearing; effective date of withdrawal. 1. Except as otherwise provided in NRS 616D.120, before any action may be taken pursuant to subsection 2, the Commissioner shall arrange an informal meeting with an association of self-insured public or private employers to discuss and seek correction of any conduct which would be grounds for withdrawal of the certificate of the association. 2. Except as otherwise provided in subsection 3 and NRS 616D.120, before the withdrawal of the certificate of any association of self-insured public or private employers, the Commissioner shall give written notice to the association by certified mail that its certificate will be withdrawn 10 days after receipt of the notice unless, within that time, the association corrects the conduct set forth in the notice as the reason for the withdrawal or submits a written request for a hearing to the Commissioner. 3. The Commissioner may grant additional time, not to exceed an additional 120 days, before the withdrawal of the certificate of an association if: (a) The grounds for withdrawal of the certificate of the association are based on paragraph (d) of subsection 2 of NRS 616B.428; and (b) The association is financially sound and capable of fulfilling its commitments. 4. If the association requests a hearing: (a) The Commissioner shall set a date for a hearing within 20 days after receiving the request and give the association at least 10 business days’ notice of the time and place of the hearing. (b) A record of the hearing must be kept, but it need not be transcribed unless requested by the association with the cost of transcription to be charged to the association. (c) Within 5 business days after the hearing, the Commissioner shall either affirm or disaffirm the withdrawal and give the association written notice thereof by certified mail. If withdrawal of certification is affirmed, the withdrawal becomes effective 10 business days after the association receives notice of the affirmance unless within that period the association corrects the conduct which was grounds for the withdrawal or petitions for judicial review of the affirmance. 5. If the withdrawal of certification is affirmed following judicial review, the withdrawal becomes effective 5 days after entry of the final decree of affirmance. (Added to NRS by 1993, 679; A 1995, 1642, 1984; 1997, 576) NRS 616B.434 Retention by Commissioner of security deposit in event of termination of association. 1. If for any reason the status of an association of self-insured public or private employers as an association of self-insured employers is terminated, the security deposited under NRS 616B.353 must remain on deposit for at least 36 months in such an amount as is necessary to secure the outstanding and contingent liability arising from accidental injuries or occupational diseases secured by the security, or to assure the payment of claims for aggravation, payment of claims under NRS 616C.390 and payment of claims under NRS 616C.392 based on such accidental injuries or occupational diseases. 2. At the expiration of the 36-month period, or such other period as the Commissioner deems proper, the Commissioner may accept, in lieu of any security so deposited, a policy of paid-up insurance in a form approved by the Commissioner. (Added to NRS by 1993, 679; A 2005, 1490) NRS 616B.437 Judicial review of Commissioner’s decision. Any association of self-insured public or private employers that is aggrieved by a decision of the Commissioner may petition for judicial review in the manner provided by chapter 233B of NRS. (Added to NRS by 1993, 679)—(Substituted in revision for NRS 616.37987) NRS 616B.440 Insolvency; termination of liability on surety bond; effect of termination of surety bond. 1. For the purposes of NRS 616B.350 to 616B.446, inclusive, an association of self-insured public or private employers is insolvent if it is unable to pay its outstanding obligations as they mature in the regular course of its business. 2. If an association of self-insured public or private employers becomes insolvent, institutes any voluntary proceeding pursuant to the Bankruptcy Act or is named in any voluntary proceeding thereunder, makes a general or special assignment for the benefit of creditors or fails to pay compensation pursuant to chapters 616A to 616D, inclusive, or chapter 617 of NRS after an order for the payment of any claim becomes final, the commissioner may, after giving at least 10 days’ notice to the association and any insurer or guarantor, use money or interest on securities, sell securities or institute legal proceedings on surety bonds deposited with the Commissioner to the extent necessary to make those payments. 3. A licensed surety providing a surety bond pursuant to NRS 616B.353 may terminate liability on its surety bond by giving the Commissioner and the association, association’s administrator or third-party administrator 90 days’ written notice. The termination does not limit liability that was incurred under the surety bond before the termination. If the association fails to requalify as an association of self-insured public or private employers on or before the termination date, the association’s certificate is withdrawn when the termination becomes effective. (Added to NRS by 1993, 679; A 1995, 1985)—(Substituted in revision for NRS 616.3799) NRS 616B.443 Assessment of all associations to provide for claims against insolvent association; Account for Insolvent Associations

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