Account for Regulation and Supervision of Captive Insurers: Creation; deposits; transfers to agency for economic development; administrative expenses; transfers to State General Fund; warrants by State Controller on receipts to Account.
1. There is hereby created in the State General Fund an Account for the Regulation and Supervision of Captive Insurers. Money in the Account must be used only to carry out the provisions of this chapter. Except as otherwise provided in NRS 694C.450, all fees and assessments received by the Commissioner or Division pursuant to this chapter must be credited to the Account. Not more than 2 percent of the tax collected and deposited in the Account pursuant to NRS 694C.450, may, upon application by the Division or an agency for economic development to, and with the approval of, the Interim Finance Committee, be transferred to an agency for economic development to be used by that agency to promote the industry of captive insurance in this state.
2. Except as otherwise provided in this section, all payments from the Account for the maintenance of staff and associated expenses, including contractual services, as necessary, must be disbursed from the State Treasury only upon warrants issued by the State Controller, after receipt of proper documentation of the services rendered and expenses incurred.
3. At the end of each fiscal year, that portion of the balance in the Account which exceeds $100,000 must be transferred to the State General Fund.
4. The State Controller may anticipate receipts to the Account and issue warrants based thereon.
Last modified: February 27, 2006