1. Not later than 90 days after the expiration of the fiscal year of the administrator, or within such other period as the Commissioner may allow, each holder of a certificate of registration as an administrator shall file with the Commissioner an annual report for that fiscal year. Each annual report must be verified by at least two officers of the administrator.
2. Each annual report filed pursuant to this section must include all the following:
(a) A financial statement of the administrator that has been reviewed by an independent certified public accountant.
(b) The complete name and address of each person, if any, for whom the administrator agreed to act as an administrator during the fiscal year.
(c) A statement regarding the total money handled by the administrator on behalf of contracted entities in connection with his or her activities as an administrator. The statement must be on a form prescribed or approved by the Commissioner for the purpose of calculating the amount of the bond required by NRS 683A.0857.
(d) Any other information required by the Commissioner.
3. Except as otherwise provided in subsection 4, in addition to the information required pursuant to subsection 2, if an annual report is prepared on a consolidated basis, the annual report must include supplemental exhibits that:
(a) Have been reviewed by an independent certified public accountant; and
(b) Include a balance sheet and income statement for each holder of a certificate of registration as an administrator in this State.
4. In lieu of complying with the requirements set forth in paragraphs (a) and (b) of subsection 3, an administrator who is a wholly owned subsidiary of a parent company may submit to the Commissioner:
(a) The financial statement of the parent company that has been audited by an independent certified public accountant; and
(b) A parental guaranty that is signed by an officer of the parent company and which guarantees the financial solvency of the administrator.
5. The Commissioner shall, for each administrator, review the annual report that is most recently filed by the administrator. As soon as practicable after reviewing the report, the Commissioner shall issue a certificate to the administrator indicating that, based on the annual report and accompanying financial statement, the administrator is currently licensed and in good standing in this State.
(Added to NRS by 1999, 2792; A 2003, 3290; 2007, 3318; 2015, 3464; 2019, 1698)
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