Nevada_Executive_Budget_2013-2015

B&I - INSURANCE RECOVERY
504-3821
PROGRAM DESCRIPTION
The Insurance Recovery Fund was created to provide a means of partially satisfying claims against persons licensed under NRS 683A-Persons Involved in Sale or Administration of
Insurance, 684A-Adjusters, 685A-Nonadmitted Insurance and 692A-Title Insurance, by replacing the bonding requirements for brokers, surplus lines brokers and adjusters. Statutory
Authority: NRS679B.305
BASE
This request continues funding for associated operating costs. One-time expenditures have been eliminated and partial year costs have been annualized.
2012-2013 2013-2014 2013-2014 2014-2015 2014-2015
2011-2012 WORK AGENCY GOVERNOR AGENCY GOVERNOR
ACTUAL PROGRAM REQUEST RECOMMENDS REQUEST RECOMMENDS
RESOURCES:
BALANCE FORWARD FROM PREVIOUS YEAR 40,000 40,000 40,000 40,000 40,000 40,000
BALANCE FORWARD TO NEW YEAR -40,000 0 0 0 0 0
RECOVERY FEES 606,705 584,890 606,705 606,705 606,705 606,705
TOTAL RESOURCES: 606,705 624,890 646,705 646,705 646,705 646,705
EXPENDITURES:
TRANSFER TO EDUCATION & RESEARCH 606,705 584,890 606,705 606,705 606,705 606,705
RESERVE 0 40,000 40,000 40,000 40,000 40,000
TOTAL EXPENDITURES: 606,705 624,890 646,705 646,705 646,705 646,705
SUMMARY
2011-2012
ACTUAL
2012-2013
WORK
PROGRAM
2013-2014
AGENCY
REQUEST
2013-2014
GOVERNOR
RECOMMENDS
2014-2015
AGENCY
REQUEST
2014-2015
GOVERNOR
RECOMMENDS
RESOURCES:
BALANCE FORWARD FROM PREVIOUS YEAR 40,000 40,000 40,000 40,000 40,000 40,000
BALANCE FORWARD TO NEW YEAR -40,000 0 0 0 0 0
RECOVERY FEES 606,705 584,890 606,705 606,705 606,705 606,705
TOTAL RESOURCES: 606,705 624,890 646,705 646,705 646,705 646,705
EXPENDITURES:
TRANSFER TO EDUCATION & RESEARCH 606,705 584,890 606,705 606,705 606,705 606,705
RESERVE 0 40,000 40,000 40,000 40,000 40,000
TOTAL EXPENDITURES: 606,705 624,890 646,705 646,705 646,705 646,705
PERCENT CHANGE: 3.00% 3.49% 3.49% 0.00% 0.00%
DEPARTMENT OF BUSINESS AND INDUSTRY B & I - 45
B&I - INSURANCE DIVISION