Third Party Administrators Due Date for Filing Annual Reports

BRIAN SANDOVAL Governor STATE OF NEVADA TERRY REYNOLDS Interim Director  BARBARA D. RICHARDSON Commissioner # DEPARTMENT OF BUSINESS AND INDUSTRY DIVISION OF INSURANCE 1818 East College Pkwy., Suite 103 Carson City, Nevada 89706 (775) 687-0700 • Fax (775) 687-0787 Website: doi.nv.gov E-mail: insinfo@doi.nv.gov Bulletin 18-006 November 19, 2018 ### Third-Party Administrators Due Date for Filing Annual Reports This bulletin provides guidance and clarification regarding the due date for filing annual reports of third-party administrators (TPAs) pursuant to NRS 683A.08528. Pursuant to NRS 683A.8528(1), not later than 90 days after the expiration of the fiscal year of the TPA, or within such other period as the Commissioner may allow, each holder of a certificate of registration as a TPA shall file with the Commissioner an annual report for that fiscal year. This provision was enacted during the 2015 Legislative session, revising the prior due date of July 1 of each year. In recent years, the Commissioner has granted extensions to the filing deadline in certain situations to allow TPAs sufficient accommodation to conform their internal processes and transition to the new statutory requirement. Going forward, extensions to the filing due date may be granted at the Commissioner's discretion only if the TPA can demonstrate an inability to meet the filing deadline due to extraordinary circumstances. For example, the Commissioner may grant extensions to file under the following circumstances: 1. The financial statement of the TPA is consolidated within the financial statement of a licensed insurer. In this situation, the TPA may request an extension to file that coincides with the filing due date in the insurer's state of domicile. 2. The TPA has experienced an event beyond its control causing the filing of the annual report to be unavoidably late. An example of this type of exception would be a natural disaster or an unforeseen catastrophic event that causes the loss of records, property or critical staff. NOTE: The Division does not consider the time constraints of a contracted Certified Public Accountant to be an unforeseen or unavoidable cause for delay that warrants extension to the filing deadline. TPAs may request extensions to file by submitting a written request to the Commissioner at TPAMail@doi.nv.gov. The request must include a detailed description of the circumstances that warrant an extended due date. All requests for extension must be received prior to the filing due date. Division staff will respond to each request in writing to request additional information, grant the request or provide an explanation as to why the request is denied. Annual reports received after the due date or extended due date will subject the TPA to an administrative fine or other regulatory action. Pursuant to NRS 683A.0892(1)(e), the Commissioner may, in addition to or in lieu of the suspension or revocation of the certificate of registration of the TPA, impose a fine of $2,000 for each act or violation. BARBARA D. RICHARDSON Commissioner of Insurance