1. All premiums, contributions, penalties, money, properties, securities, funds, deposits, contracts and awards received, collected, acquired, established or made by the State Industrial Insurance System under the provisions of chapters 616A to 617, inclusive, of NRS before January 1, 2000, continue in full force and effect, and the rights, obligations and liabilities of the System thereunder must be assumed and performed by the successor organization of the System.
2. All proceedings must be had and rights determined under the provisions of chapters 616A to 617, inclusive, of NRS on any claims or actions pending or causes of action existing on December 31, 1999.