Bill > SB345

This bill revises regulations for associations of self-insured employers in Nevada, introducing several key changes. It requires all association members to perform related activities within the same industry and mandates that board of trustees members be officers or managerial employees of member organizations. The bill prohibits associations from distributing dividends to members, instead allowing them to reduce annual member assessments if they have excess assets. It strengthens oversight by requiring the Commissioner of Insurance to conduct more rigorous annual audits of associations, verify the reasonableness of member assessments, and establish uniform underwriting policies. The bill also expands the Commissioner's authority to issue cease and desist orders, impose administrative fines, and withdraw certificates from associations, their administrators, and board of trustees for various violations. Additionally, the legislation requires all existing associations of self-insured employers to apply for and obtain a new certificate by October 1, 2026, effectively mandating a comprehensive review of all current associations. The goal appears to be enhancing transparency, accountability, and financial stability in self-insurance associations by implementing more stringent regulatory requirements and oversight mechanisms.

Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12604/Overview