What is the NCCI?
The National Council on Compensation Insurance, Inc., based in Boca Raton, FL, manages the nation’s largest database of workers compensation insurance information. NCCI analyzes industry trends, prepares workers compensation insurance rate recommendations, determines the cost of proposed legislation, and provides a variety of services and tools to maintain a healthy workers compensation system.
Can an Employer Self Insure for Workers’ Compensation in the State of Nevada?This is a common question, and the answer is both yes and no. If you can qualify to self insure, then the answer is yes, however, if you cannot meet the strict qualification guidelines set by the State of Nevada, then you will not be able to do so.
To learn about self insuring, follow this link to the Nevada Division of Insurance website.
The Application Process:
Employers wanting to self insure their workers’ compensation liabilities must apply….. State of Nevada Division of Insurance Self-Insured Workers’ Compensation Section ATTN: Paul Lunde 1818 College Parkway, Suite 103 Carson City, NV 89706 (775) 687-0775
Employers are subject to the following requirements:
Must have a tangible net worth of at least $2.5 million.
If the employer demonstrates a strong financial position BUT FAILS TO MEET THE $2.5 MILLION TANGIBLE NET WORTH, an irrevocable letter of credit in the amount $2.5 million in lieu of the $2.5 million tangible net worth may be accepted. If the letter of credit is used as a substitute for the tangible net worth requirement, the security deposit may not be in the form of a letter of credit. Parents may be required to indemnify subsidiaries. Claims administration must be through a licensed third party administrator or to self-administer, employer must demonstrate adequate technical and claims management expertise and resources
What About The Nevada Retailer’s Association?
More information to follow on the Nevada Retailer’s Association. Too much Risk? You Decide.