Each association of self-insured public or private employers shall maintain:

1. 1. Actuarially appropriate loss reserves. Such reserves must include reserves for:

   1. (a) Actual claims and the expenses associated with those claims; and
   2. (b) Claims incurred but not reported, and the expenses associated with those claims.
2. 2. Reserves for uncollected debts based on the experience of the association or other associations.

(Added to NRS by 1993, 677; A 2003, 3344)