NRS695F.320. Reports to Commissioner; fine and suspension for noncompliance.

      1.  Each prepaid limited health service organization shall file with the Commissioner annually, on or before March 1, a report showing its financial condition on the last day of the preceding calendar year. The report must be verified by at least two principal officers of the organization.

      2.  The report must be on a form prescribed by the Commissioner and include:

      (a) A financial statement of the organization, including its balance sheet and receipts and disbursements for the preceding calendar year;

      (b) The number of subscribers at the beginning and the end of the year and the number of enrollments terminated during the year; and

      (c) Such other information as the Commissioner may prescribe.

      3.  Each prepaid limited health service organization shall file with the Commissioner annually an audited financial statement prepared by an independent certified public accountant. The statement must cover the most recent fiscal year of the organization and must be filed with the Commissioner within 120 days after the end of that fiscal year.

      4.  The Commissioner may require more frequent reports containing such information as is necessary to enable the Commissioner to carry out his or her duties pursuant to this chapter.

      5.  The Commissioner may:

      (a) Assess a fine of not more than $100 per day for each day the report or financial statement required pursuant to this section is not filed after the report or financial statement is due, but the fine must not exceed $3,000; and

      (b) Suspend the organization’s certificate of authority until the organization files the report.

      (Added to NRS by 1991, 1119; A 1995, 1634, 2683)