NRS679B.305. Creation; deposits; use; regulations; limit of liability.

      1.  There is hereby created the Insurance Recovery Account in the Fund for Insurance Administration and Enforcement created by NRS 680C.100. The Commissioner shall promptly deposit with the State Treasurer for credit to the Account all recovery fees received from licensees pursuant to the provisions of this title.

      2.  A balance of not more than $40,000 must be maintained in the Account to be used for satisfying claims against persons licensed pursuant to chapters 683A, 684A, 685A and 692A of NRS. Any balance over $40,000 in the Account at the end of any fiscal year must be set aside and used by the Commissioner for insurance education and research or for any other purpose authorized by the Legislature.

      3.  The Commissioner shall adopt reasonable regulations for the administration of the Account, including the manner, time, procedure and grounds for recovery against the Account.

      4.  The limit of liability of the insurance recovery account is $5,000 per fiscal year for any one licensee.

      (Added to NRS by 1977, 1326; A 1981, 1796; 1987, 149; 1991, 1818; 2010, 26th Special Session, 25; 2011, 979)