Commissioner may sell securities or institute proceedings on surety bonds of self-insured employer to pay claims

If a self-insured employer becomes insolvent, institutes any voluntary proceeding under the Bankruptcy Act or is named in any involuntary proceeding thereunder, makes a general or special assignment for the benefit of creditors or fails to pay compensation under chapters 616A to 616D, inclusive, or chapter 617 of NRS after an order for payment of any claim becomes final, the Commissioner may, after giving at least 10 days’ notice to the employer and any insurer or guarantor, use money or interest on securities, sell securities or institute legal proceedings on surety bonds deposited or filed with the Commissioner pursuant to NRS 679B.175 to the extent necessary to make those payments. Until the Commissioner gives a 10-day notice pursuant to this section, the employer is entitled to all interest and dividends on bonds or securities on deposit pursuant to NRS 679B.175 and to exercise all voting rights, stock options and other similar incidents of ownership thereof.