NRS 616B.371 - Association’s administrator prohibited from financial interest in third-party administrator; third-party administrator prohibited from financial interest in association’s administrator; contractual requirement.

NV Rev Stat § 616B.371 (2019) (N/A)

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1. An association’s administrator employed by an association of self-insured public or private employers, or an employee, officer or director of an association’s administrator, may not be an employee, officer or director of a third-party administrator employed by the association or have a direct or indirect financial interest in the third-party administrator of the association.

2. The third-party administrator of an association of self-insured public or private employers, or an employee, officer or director of the third-party administrator, may not be an employee, officer or director of an association’s administrator employed by the association or have a direct or indirect financial interest in that association’s administrator.

3. Any contract entered into by an association of self-insured public or private employers and a third-party administrator must include a provision which states that, unless the Commissioner otherwise provides, the third-party administrator shall administer any claim or other obligation of the association to its conclusion during the period of the contract.

(Added to NRS by 1993, 673; A 1995, 1982) — (Substituted in revision for NRS 616.3793)

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