1. The Commissioner shall:
(a) Notify the Association of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency by a court or makes a determination of insolvency pursuant to NRS 687A.107, whichever is earlier.
(b) Upon request of the Board of Directors of the Association, provide the Association with a statement of the net direct written premiums of each member insurer.
2. The Commissioner may:
(a) Require that the Association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification must be by mail at their last known address, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient.
(b) Suspend or revoke, after notice and opportunity for hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine must not exceed 5 percent of the unpaid assessment per month, except that no fine may be less than $100 per month.
(c) Revoke the designation of any servicing facility if the Commissioner finds claims are being acted upon unsatisfactorily.
(d) Request the Association to perform any acts specified in paragraph (g) of subsection 2 of NRS 687A.060.
(Added to NRS by 1971, 1947; A 1985, 1074; 2005, 2133)