Creation; use; assessment of fee to maintain balance; regulations; limit of liability.
Nev. Rev. Stat. § 679B.305
in effect1. There is hereby created the Insurance Recovery Account in the Fund for Insurance Administration and Enforcement created by NRS 680C.100 .
2. A balance of not less 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. Except as otherwise provided in this subsection, if the balance in the Account is less than $40,000 at the end of a fiscal year, the Commissioner may, during the next fiscal year, assess a fee of not more than $10 on each person licensed pursuant to chapter 683A , 684A , 685A or 692A of NRS. The Commissioner shall deposit such fees into the Insurance Recovery Account. The Commissioner shall not assess a fee pursuant to this subsection in consecutive fiscal years.
3. The Commissioner shall adopt reasonable regulations for:
(a) The administration of the Account, including the manner, time, procedure and grounds for recovery against the Account; and
(b) The assessment of a fee pursuant to subsection 2.
4. The limit of liability of the Insurance Recovery Account is $5,000 per fiscal year for any one licensee.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-679B.htmlFetched: 10/4/2026