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Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.030 - Disclosures to debtors: Notice concerning benefits payable under truncated consumer credit insurance coverage; application of adjustment factors to rates

Current through June 11, 2024
1. In addition to any disclosure required pursuant to NAC 690A.020 or 690A.025, each policy of truncated consumer credit insurance coverage or certificate of coverage for that policy must include a notice in substantially the following form set forth in not less than 10-point bold type on the face of the policy or certificate:
NOTICE
(a) The benefits payable under this policy of insurance may not completely pay off your loan. If the term of your loan is longer than the term of this policy of insurance, the benefit is payable only if death, disability or unemployment, as applicable, occurs during the term of this policy of insurance.
(b) The benefits under a policy of credit accident and health insurance are not payable for any period of disability continuing after the date of termination for the policy specified in the schedule.
(c) The benefits under a policy of credit unemployment insurance are not payable for any period of unemployment continuing after the date of termination for the policy specified in the schedule.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.040 - Credit unemployment insurance: Benefits; eligibility for coverage

Current through June 11, 2024
1. Credit unemployment insurance policies must contain benefits at least as favorable to insureds as the following provisions:
(a) A provision for coverage for unemployment for any reason, except that coverage may be excluded for:
(1) Voluntary forfeiture of salary, wage or other employment income;
(2) Resignation;
(3) Retirement;
(4) General strike;
(5) Illegal walk out;
(6) War;
(7) Separation from the military;
(8) Willful misconduct or criminal misconduct or unlawful behavior; and
(9) Disability caused by injury, illness or pregnancy.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.050 - Credit life insurance: Written standards for processing claims; records substantiating compliance

Current through June 11, 2024
1. Each insurer issuing a policy of credit life insurance shall adopt a written standard for processing a claim for a benefit under a policy of credit life insurance that provides for the search of all policies issued by the insurer for other policies covering the life of the same person.
2. The written standard must provide that the insurer shall:
(a) Ask the person submitting a claim for a benefit under a policy of credit life insurance for any other names by which the person covered under the policy was known; and
(b) Search all policies issued by the insurer to determine whether the insured was covered under a policy issued by the insurer under another name.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.055 - Credit life insurance: Written certification

Current through June 11, 2024
1. Each insurer wishing to provide coverage under a policy of credit life insurance shall, before offering that coverage in this State, certify in writing that the policy:
(a) Complies with the provisions of NRS NRS 690A.045; and
(b) Does not include a provision for the payment of unearned interest.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.060 - Processing of certain claims: Search for and action on additional policies issued by insurer on life of decedent; applicability

Current through June 11, 2024
1. Except as otherwise provided in subsection 4, upon the submission of a claim for a benefit under a policy of credit life insurance, the insurer issuing the policy shall conduct a search pursuant to the standard adopted pursuant to NAC 690A.050 of all the policies issued by the insurer to determine if any other policy issued by the insurer provides coverage on the life of the decedent.
2. If the person filing a claim provides information identifying other names by which the insured may have been known, the insurer shall search all the policies issued by the insurer to determine if the insured was covered by another policy under a different name.
3. If the insurer determines that it has issued another policy on the life of the insured, the insurer shall:
(a) Notify the policy owner and beneficiaries of the discovery of the policy; and
(b) Within 6 months after discovering the policy, determine whether the insurer has liability to pay a claim on the policy.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.070 - Rights and treatment of debtors: Termination of group policy; refinancing of debt; prepayment of debt

Current through June 11, 2024
1. If a debtor is covered by a group policy of consumer credit insurance that requires the payment of single premiums to the insurer, or any other premium payment method that prepays coverage beyond 1 month, the insurer shall provide that in the event of termination of the policy for any reason, insurance coverage with respect to any debtor insured under the policy continues for the entire period for which the premium has been paid.
2. If a debt that is covered by a policy of consumer credit insurance is refinanced, the effective date of the coverage by any provision of the policy shall be deemed to be the first date on which the debtor became insured under the policy with respect to the debt which was refinanced, at least to the extent of the amount and term of the debt outstanding at the time the debt was refinanced.
3. If a debt is prepaid in full as the result of death or any other lump-sum payment under a policy of consumer credit insurance:
(a) No refund of a premium paid by the debtor for coverage of the debt is required.
(b) If a claim under credit accident and health coverage or credit unemployment coverage is in progress at the time of prepayment, the refund of a premium paid by the debtor may be determined as if the prepayment did not occur until the payment of benefits terminates.
(c) No refund of a premium paid by a debtor is required for any period of disability for which credit accident and health benefits are payable or during any period of unemployment for which credit unemployment benefits are payable. A refund of a premium paid by a debtor must be computed as if prepayment occurred at the end of the period of disability or unemployment.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.080 - Refund of unearned premium; fulfillment of contract

Current through June 11, 2024
A person is entitled to a refund of any unearned premium of $5 or more if the person's policy or contract is cancelled for any reason, other than death or any other lump-sum payment, before the scheduled date of termination. A contract is considered fulfilled if a lump-sum payment has been made and there are no unearned premiums.
Added to NAC by Comm'r of Insurance by R131-05, eff. 10-31-2005
NRS 679B.130, 690A.097, 690A.277
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.090 - Calculation of refunds

Current through June 11, 2024
1. If, pursuant to subsection 3, an insurer specifies the formula for a refund in an individual policy or certificate of group insurance filed for approval by the Commissioner and the filing is acknowledged and not disapproved by the Commissioner, the formula may be used. A formula for a refund which is the sum of the amounts for each remaining period for payment of the obligation, calculated by multiplying the amount paid as the premium by a fraction which has a denominator equal to the sum of the total number of periods for payment of the obligation and a numerator equal to the sum of the remaining number of periods, may be referred to as the "sum-of-the-digits" formula.
2. The following methods may be used to determine the amount of a refund for the following types of insurance:
(a) For a premium for credit insurance, if the premium is paid on a single premium basis, the refund must be calculated by the sum-of-the-digits formula.
(b) For a premium for credit insurance, if the premium is payable other than on the single premium basis, the refund must equal the prorated unearned gross premium.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.105 - Credit life insurance: Calculation and use of prima facie rates; use of different rates

Current through June 11, 2024
1. Except as otherwise provided in subsection 5 of NAC 690A.165, the prima facie rate for credit life insurance shall be deemed reasonable in relation to the benefits provided and may be used without filing additional actuarial information with the Commissioner if the rate complies with the provisions of this section.
2. If the premium for credit life insurance is charged on a single premium basis and the premium is based on a premium rate per $100 per annum of actual or scheduled net debt, the premiums must be calculated according to the formula set forth in this subsection or according to a formula approved by the Commissioner that produces a rate that is actuarially consistent with the rates set forth in this section:
NSPn,t = (0.94 /13) X (t - an + an-t)/(i X an)
Where:
"NSPn,t" = Single premium net balance rate per $100 of initial insured indebtedness for "t" months.
"n" = Term of loan.
"t" = Term of insurance.
"i" = Monthly interest rate.
"an" = Present value of an annuity immediate of $1 for a period of "n" months at interest rate "i."
"an-t" = Present value of an annuity immediate of $1 for a period of "n-t" months at interest rate "i."
3. For single credit life insurance, if the premium is charged on a monthly outstanding balance basis, the rate must be 72 cents per month per $1,000 of outstanding insured indebtedness.
4. If credit life insurance is sold on a joint basis, the rate for the coverage must be calculated by multiplying the applicable rate for single coverage by 1.54.
5. For dismemberment insurance, if the premium is charged on:
(a) A single premium basis, the rate must be 5 cents per $100 of insurance per annum for single life insurance and 10 cents per $100 of insurance per annum for joint life insurance.
(b) A monthly outstanding balance basis, the rate must be 8 cents per month per $1,000 of outstanding insured indebtedness on single life insurance and 16 cents per month per $1,000 of outstanding insured indebtedness on joint life insurance.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.107 - Credit life insurance: Limitation on benefits if indebtedness is repayable in substantially equal installments

Current through June 11, 2024
If any indebtedness is repayable in substantially equal installments, the amount of the benefit provided under a policy of credit life insurance for which the premium is charged on a single premium basis must not exceed the amount financed and the premium for the policy must be calculated in accordance with subsection 2 of NAC 690A.105.
Added to NAC by Comm'r of Insurance by R145-08, eff. 9-18-2008
NRS 679B.130, 690A.277
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.115 - Credit life insurance: Use of different rate for coverage of preexisting condition

Current through June 11, 2024
If a policy of credit life insurance includes coverage for a preexisting condition, the policy may not include a different rate for coverage of a preexisting condition unless the preexisting condition:
1. Required medical diagnosis or treatment within the 6 months immediately preceding the effective date of coverage; and
2. Causes death within 6 months after the effective date of coverage.
Added to NAC by Comm'r of Insurance by R014-06, 3-23-2007, eff. 4-1-2007
NRS 679B.130, 690A.093, 690A.277
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.135 - Credit accident and health insurance: Applicability of prima facie rates

Current through June 11, 2024
The rates set forth in subsections 2 and 3 of NAC 690A.125 apply to a policy of credit accident and health insurance that is offered to a debtor if the policy includes:
1. Coverage for disability caused by any means, except that coverage may be excluded for disabilities resulting from:
(a) Normal pregnancy;
(b) War or any act of war;
(c) Elective surgery;
(d) Intentionally self-inflicted injury;
(e) Sickness or injury caused by or resulting from the use of alcoholic beverages or controlled substances unless they are administered on the advice of, and taken as directed by, a licensed physician other than the insured;
(f) Flight in any aircraft other than a commercially scheduled aircraft; or
(g) A preexisting condition.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.145 - Credit accident and health insurance: Rates for policy that excludes coverage for preexisting condition

Current through June 11, 2024
1. The rates for a policy of credit accident and health insurance set forth in NAC 690A.125 may be used only if the policy issued using those rates excludes coverage for a preexisting condition that:
(a) Required medical diagnosis or treatment within the 6 months immediately preceding the effective date of coverage; and
(b) Causes disability that begins within 6 months after the effective date of coverage.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.155 - Credit unemployment insurance: Rates; eligibility for benefits; age restrictions

Current through June 11, 2024
1. Each insurer who files rates with the Commissioner for credit unemployment insurance must include in its filing the formula upon which its rates are based.
2. Except as otherwise provided in NAC 690A.030, the rates shall be deemed reasonable if:
(a) On a single premium basis, the rates do not exceed 95 cents for $100 of insurance per annum for the term of the loan for which the insurance is issued;
(b) On a monthly outstanding balance basis, the rates do not exceed 79 cents for $1,000 of remaining principal balance;
(c) On a monthly outstanding balance basis, the rates do not exceed 67 cents for $1,000 of remaining payments;
(d) On a single premium basis for 90-day lump-sum benefits, the rates do not exceed $1.23 for $100 of initial gross indebtedness per year;
(e) On a monthly outstanding balance basis for 90-day lump-sum benefits, the rates do not exceed $1.03 for $1,000 of remaining principal balance; and
(f) On a monthly outstanding balance basis for 90-day lump-sum benefits, the rates do not exceed 86 cents for $1,000 of remaining payments.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.165 - Use of rates that differ from prima facie rates; documentation required; maximum rate after change of insurer

Current through June 11, 2024
1. An insurer may file for approval by the Commissioner to use rates that are higher than the prima facie rates set forth in NAC 690A.105 to 690A.155, inclusive, if the rates are reasonable in relation to the benefits provided. If rates higher than the prima facie rates set forth in NAC 690A.105 to 690A.155, inclusive, are filed for approval, the filing must specify the account to which the rates apply. The rates must be:
(a) Applied uniformly to all accounts of the insurer;
(b) Applied on an equitable basis, as approved by the Commissioner, to any account of the insurer for which the experience has been less favorable than expected; or
(c) Applied according to the insurer's application for approval of rates filed with the Commissioner.
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.170 - Limitation on term of application of different rate to closed-end loan

Current through June 11, 2024
Any deviation from a rate for credit life insurance, credit accident and health insurance or credit unemployment insurance approved by the Commissioner must not be applied to a closed-end loan having a term of 24 months or less for which coverage is in effect on the effective date of the deviation.
Added to NAC by Comm'r of Insurance by R145-08, eff. 9-18-2008
NRS 679B.130, 690A.093, 690A.277
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.175 - Annual reports of experience data; review of prima facie rates by Commissioner

Current through June 11, 2024
An insurer that provides consumer credit insurance shall, on or before June 30 of each year, report its experience data annually to the Commissioner, on a form prescribed by the Commissioner. The initial such report must be submitted by the insurer on or before September 1, 2008. The Commissioner will use this data to determine annually whether the prima facie rates for credit life insurance, credit accident and health insurance and credit unemployment insurance set forth in NAC 690A.105 to 690A.155, inclusive, are reasonable in relation to the benefits provided. If the Commissioner determines that the rates are not reasonable, the Commissioner will adopt new rates.
Added to NAC by Comm'r of Insurance by R014-06, 3-23-2007, eff. 4-1-2007; A by R145-08, 9-18-2008
NRS 679B.130, 690A.093, 690A.277
Nevada Administrative Code › Chapter 690A - Credit Insurance › Section 690A.185 - Audits of payments for claims and reviews of accounts for creditors

Current through June 11, 2024
1. Each insurer who engages in the business of credit insurance in this State shall conduct:
(a) An annual audit of all payments for claims made on its behalf by an administrator, claim representative or group policyholder.
(b) A review of each of its accounts for creditors with respect to the business of credit insurance of the creditor to ensure compliance with the Nevada Insurance Code and the regulations adopted pursuant thereto. The initial review must be conducted not later than March 1, 2008, or the date of the initial credit transaction between the creditor and the insurer, whichever is later. After the initial review, the review must be conducted every 24 months.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.010 - Generally

Current through June 11, 2024
NAC 690B.010 to 690B.060, inclusive, provides guidelines for the approval of cards constituting evidence of insurance which a motor vehicle insurer must issue to the insured.
Comm'r of Insurance, PC-24, eff. 5-7-80-NAC A by R213-09, 8-13-2010
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.020 - Definitions

Current through June 11, 2024
As used in NAC 690B.010 to 690B.060, inclusive, unless the context otherwise requires, the words and terms defined in NAC 690B.022 to 690B.028, inclusive, have the meanings ascribed to them in those sections.
Comm'r of Insurance, PC-24, eff. 5-7-80-NAC A by R213-09, 8-13-2010
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.022 - "Agent" defined

Current through June 11, 2024
"Agent" means any licensed resident or nonresident agent.
Comm'r of Insurance, PC-24, eff. 5-7-80-Substituted in revision for part of NAC 690B.020
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.028 - "Insurer" defined

Current through June 11, 2024
"Insurer" means any insurer who writes motor vehicle liability insurance in this State.
Comm'r of Insurance, PC-24, eff. 5-7-80-Substituted in revision for part of NAC 690B.020
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.030 - Permanent card: Issuance

Current through June 11, 2024
1. A permanent card constituting evidence of insurance must be issued by an insurer who provides liability insurance coverage for a motor vehicle in the minimum amounts required by NRS 485.105 and 485.185, except that the insurer may permit its duly appointed agent in Nevada to issue a permanent card.
2. A permanent card:
(a) May not be effective for longer than the policy term beginning on the effective date of the policy.
(b) Must be issued:
(1) Within 60 days after the effective date of an insurance policy or the effective date on which coverage has been bound; and
(2) With each renewal of the policy.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.040 - Temporary card: Issuance

Current through June 11, 2024
1. Except as otherwise provided in subsections 3 and 4, a temporary card constituting evidence of insurance may be issued only by an insurer or a duly appointed agent of the insurer upon the submission to the insurer identified on the temporary card of an application for motor vehicle liability insurance for which coverage has been bound.
2. Insurers must provide agents with an adequate supply of temporary cards.
3. Temporary cards may be issued by the Western Association of Automobile Insurance Plans.
4. Temporary cards may be printed by an insured on a personal computer if:
(a) Such printing is allowed by the insurer of the insured; and
(b) The insurer has taken reasonable measures, which have been submitted to and which have received the approval of the Commissioner, to prevent a temporary card from being electronically manipulated or altered.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.050 - Form of card: Approval by Commissioner

Current through June 11, 2024
No insurer may issue any evidence of insurance for new or renewal policies after January 1, 1981, unless the specific form has been submitted to and received the approval of the Commissioner.
Comm'r of Insurance, PC-24, eff. 5-7-80
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.055 - Form of card: Required statement constituting evidence of insurance

Current through June 11, 2024
An insurer that issues an operator's policy of liability insurance shall include on the card constituting evidence of insurance a statement written substantially as follows:
This card constitutes evidence of an operator's policy of liability insurance. The policy is a limited policy of liability insurance. The specific limitations are set forth in the policy or endorsement required by NRS 485.186.
Added to NAC by Comm'r of Insurance by R213-09, eff. 8-13-2010
NRS 679B.130, 690B.023
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Evidence of Insurance › Section 690B.060 - Form of card: Contents

Current through June 11, 2024
Evidence of insurance must:
1. Conform to the following standards:
(a) If the evidence of insurance is a card:
(1) The card must be not larger than 8 1/2 x 5 1/2 inches and not smaller than 3 3/8 x 2 1/8 inches; and
(2) The information required pursuant to paragraphs (a) to (f), inclusive, of subsection 2 must be printed in not less than 8-point bold type.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Underwriting Standards › Section 690B.210 - Definitions

Current through June 11, 2024
As used in NAC 690B.210 to 690B.250, inclusive, unless the context otherwise requires:
1. "Commercial automobile" means a motor vehicle not rated under rules for private automobiles for passengers.
2. "Company rules" means the standards established and used by an insurer for underwriting, rating, cancellation or nonrenewal of insurance for automobiles.
3. "Date of incident" means the actual day on which a person engages in the activity which results in a citation for a violation of a traffic law or the day on which the person is involved in an accident involving a motor vehicle.
4. "Division" means the Division of Insurance of the Department of Business and Industry.
5. "Incident" means an activity resulting in a conviction for a violation of a traffic law, a chargeable accident as defined pursuant to NAC 687B.850, or both.
6. "Private automobile for passengers" means a:
(a) Motor vehicle rated under the rules for private vehicles for passengers; or
(b) Rented motor vehicle of the type used for a private automobile for passengers, even if it is rated under the rules for commercial motor vehicles.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Underwriting Standards › Section 690B.240 - Increase in premiums based upon incidents or claims: Notification; request for explanation

Current through June 11, 2024
1. No insurer may issue any private passenger automobile insurance policy without delivering to the named insured a notice explaining the manner in which the insurer's rating plan provides for an increase in premium based upon incidents or claims.
2. Each insurer shall, at least 30 days before the expiration of a private passenger automobile insurance policy, advise the named insured of the right to request the reasons for any increase in premium for the ensuing policy period.
Comm'r of Insurance, PC-21, § VI, eff. 4-4-78-NAC A by R024-04, 7-26-2004
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Underwriting Standards › Section 690B.245 - Disclosure of coverage limitations

Current through June 11, 2024
1. Except as otherwise provided in subsections 5 and 6, an insurer that issues a private passenger automobile insurance policy which limits coverage for permissive users, as defined in the policy, shall disclose those limitations in the manner set forth in subsections 2, 3 and 4.
2. The insurer shall include a statement on the declaration page of the private passenger automobile insurance policy.
3. The statement may be imprinted, stamped or imprinted on a sticker. The statement shall be deemed approved by the Commissioner if it is written as follows:
IMPORTANT NOTICE: This policy reduces liability coverage limits when an insured vehicle is operated by a person other than the insured. The limits for bodily injury and property damage liability coverage are reduced to the financial liability limits set forth in NRS 485.185, regardless of the liability limits shown on the declaration page.
4. The "IMPORTANT NOTICE" portion of the statement must be written in at least 12-point font and in bold, capital letters. The remaining portion of the statement must be written in at least 10-point font.
5. An insurer may use a statement that is written substantially similar to the statement set forth in subsection 3 if:
(a) The insurer has filed the statement with the Commissioner; and
(b) The Commissioner has approved the statement.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Underwriting Standards › Section 690B.250 - Private automobiles for passengers and commercial automobiles; applicability

Current through June 11, 2024
1. For underwriting, cancellation, nonrenewal, or rating of insurance for private automobiles for passengers, an insurer may consider only the incidents which occur while the person affected is operating a private automobile for passengers.
2. For underwriting, rating, cancellation, or nonrenewal of insurance for commercial automobiles an insurer may consider only the incidents which occur while the person or applicant affected is operating a commercial vehicle.
3. If it is not apparent whether an incident is related to the operation of a private automobile for passengers or a commercial automobile, the insurer or its agent may request that the insured submit a supplemental application stating and submit proof concerning the true nature of the incident.
4. The provisions of subsections 1, 2 and 3 do not apply to any person who has been convicted of reckless driving, driving while intoxicated, or manslaughter resulting from the operation of a motor vehicle.
Comm'r of Insurance, PC-21, §§ VII, VIII, eff. 4-4-78-NAC A 10-30-85
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Automobile Policies › Section 690B.310 - Required warning for policies not including bodily injury and property damage liability coverages

Current through June 11, 2024
Each insurance company which issues an automobile policy on a risk located or garaged in Nevada which does not include bodily injury liability insurance and property damage liability insurance will , when the policy is issued, include a notice, prominently displayed on the declarations page, which is worded substantially as follows:
"This is a limited policy which does not provide automobile bodily injury liability insurance or property damage liability insurance which are required to satisfy the financial responsibility laws of Nevada or any state."
Comm'r of Insurance, PC-12, eff. 9-23-72; A by R067-13, eff. 3/28/2014.
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Automobile Policies › Section 690B.320 - Reporting requirements for policies used as proof of insurance for payment of tort liabilities; penalties

Current through June 11, 2024
1. An insurer, which executes a contract of insurance for a motor vehicle liability policy that may be used to meet the requirements for NRS 485.185, shall comply with the reporting requirements set forth in NRS 485.313 to 485.318, inclusive.
2. An insurer who violates subsection 1 is subject to the penalties set forth in NRS 680A.200. Each failure to provide records as required by NRS 485.314 shall be deemed a violation of this section. The Commissioner of Insurance may, pursuant to NRS 680A.200:
(a) For a first violation, assess an administrative fine of not more than $500.
(b) For a second violation within 3 years, assess an administrative fine of not more than $1,000.
(c) For a third or subsequent violation within 3 years, assess an administrative fine of not more than $2,000.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Operator's Policy of Liability Insurance › Section 690B.350 - Disclosure of limitations; statement

Current through June 11, 2024
1. Except as otherwise provided in NAC 690B.360, an insurer that issues an operator's policy of liability insurance which limits coverage for damages as set forth in NRS 485.186 shall disclose those limitations in the manner set forth in subsections 2 and 3.
2. The insurer shall include a statement on the face of the operator's policy of liability insurance that is written in English or in Spanish, as appropriate.
3. The statement may be imprinted, stamped or imprinted on a sticker. The statement is deemed approved by the Commissioner if it is written as follows:
This operator's policy of liability insurance is a limited policy of liability insurance that provides coverage for the named insured when operating any motor vehicle or while the motor vehicle the named insured owns is not being operated by any person.
This operator's policy of liability insurance DOES NOT provide any coverage for damages incurred while the motor vehicle owned by the named insured is operated by another person, including, without limitation, bodily injury, damage to the motor vehicle owned by the named insured or any other property damage.
Because subsection 4 of NRS 485.186 prohibits the named insured from allowing another person to operate the motor vehicle the named insured owns if he or she knows or should have known that the person does not have liability insurance to cover the operation of that motor vehicle, the named insured SHOULD NOT allow any person to operate the motor vehicle the named insured owns unless he or she knows that the person has liability insurance that will provide coverage when the person is operating that motor vehicle.
This operator's policy of liability insurance may not meet the requirements of the financial responsibility laws of other states, unless it is expressly indicated in the policy.
4. An insurer may use a statement that is written substantially similar to the statement set forth in subsection 3 if:
(a) The insurer has filed the statement with the Commissioner; and
(b) The Commissioner has approved the statement.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MOTOR VEHICLES › Operator's Policy of Liability Insurance › Section 690B.360 - Disclosure of limitations; endorsement in lieu of statement

Current through June 11, 2024
1. In lieu of complying with NAC 690B.350, an insurer may inform an insured of the limitations of an operator's policy of liability insurance by providing the information set forth in NAC 690B.350 in the endorsement required by NRS 485.186 if that endorsement has been approved by the Commissioner.
2. If an insurer complies with this section in lieu of complying with NAC 690B.350:
(a) The endorsement must:
(1) Be written in English or Spanish, as appropriate; and
(2) Include an acknowledgment that:
(I) States that the insured understands and accepts the limitations of the operator's policy of liability insurance as set forth in the endorsement; and
(II) Is signed and dated by the insured; and
Nevada Administrative Code › Chapter 690B - Casualty Insurance › INSURANCE FOR HOME PROTECTION › Section 690B.400 - "Emergency" defined for NRS 690B.160

Current through June 11, 2024
For the purposes of NRS 690B.160, "emergency" means:
1. The loss of plumbing, including the loss of water service and the stoppage or backup of a sewer system;
2. A substantial loss of electrical service;
3. The loss of heating or cooling; or
4. Any other condition within the home that renders the home uninhabitable, if the structures, components, systems or appliances related thereto are covered by the contract of insurance for home protection.
Added to NAC by Comm'r of Insurance by R151-99, eff. 1-28-2000-Substituted in revision for NAC 690B.029
NRS 679B.130, 690B.160
Nevada Administrative Code › Chapter 690B - Casualty Insurance › HOMEOWNER'S INSURANCE › Section 690B.405 - Increase in premiums based upon claims: Notification; request for explanation

Current through June 11, 2024
1. No insurer may issue any homeowner's insurance policy without delivering to the named insured a notice explaining the manner in which the insurer's rating plan provides for an increase in premium based upon claims.
2. Each insurer shall, at least 30 days before the expiration of a homeowner's insurance policy, advise the named insured of the right to request the reasons for any increase in premium for the ensuing policy period.
Added to NAC by Comm'r of Insurance by R024-04, eff. 7-26-2004
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.510 - Annual submission of certain information required by Commissioner (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003; R by R027-17A, eff. 12/19/2017
NRS 679B.130, 690B.360
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.515 - Filing of notice of certain settlements and judgments that exceed limits of coverage (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003;	R by
				  R050-19A,
				  eff. 12/17/2019
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.520 - Determination by Commissioner of essential medical specialties

Current through June 11, 2024
1. Pursuant to NRS 690B.350, as amended by section 119 of Assembly Bill No. 83, chapter 376, Statutes of Nevada 2017, at page 2377, the Commissioner may, after a hearing convened at the discretion of the Commissioner pursuant to subsection 1 of NRS 690B.350, as amended by section 119 of Assembly Bill No. 83, chapter 376, Statutes of Nevada 2017, at page 2377, determine whether any medical specialties in this State are essential as a matter of public policy.
2. A medical specialty may, after a hearing convened at the discretion of the Commissioner pursuant to subsection 1 of NRS 690B.350, as amended by section 119 of Assembly Bill No. 83, chapter 376, Statutes of Nevada 2017, at page 2377, be deemed by the Commissioner to be essential as a matter of public policy if he or she determines that an unsafe condition exists because public access to a practitioner of the medical specialty is impaired as a result of insufficient availability of professional liability insurance to a practitioner of the medical specialty.
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003; A by R027-17A, eff. 12/19/2017
NRS 679B.130, 690B.350, as amended by section 119 of Assembly Bill No. 83, chapter 376, Statutes of Nevada 2017, at page 2377
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.525 - Form for extended reporting endorsement

Current through June 11, 2024
An extended reporting endorsement offered pursuant to NRS 690B.290 or 690B.320 must be made on a form approved by the Commissioner pursuant to NRS 687B.120.
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003
NRS 679B.130, 690B.290, 690B.320
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.530 - Disclosures regarding adverse underwriting decisions

Current through June 11, 2024
1. In addition to the applicable disclosures required pursuant to NRS 690B.270, 690B.280, 690B.300 and 690B.350, an insurer offering professional liability insurance to a practitioner licensed pursuant to chapters 630 to 640 of NRS, inclusive, shall provide the disclosures regarding adverse underwriting decisions required pursuant to NAC 679B.715.
2. If an insurer offering professional liability insurance to a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS makes a decision to charge the practitioner a rate or premium charge that is higher than the applicable base rates filed with the Commissioner, the insurer shall provide to the practitioner the disclosures regarding adverse underwriting decisions required pursuant to NAC 679B.715.
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.535 - Disclosures regarding effects of changes in exposure

Current through June 11, 2024
1. If a practitioner licensed pursuant to chapters 630 to 640 of NRS, inclusive, experiences a change in exposure, each insurer issuing a policy of professional liability insurance to the practitioner shall disclose to the practitioner the effect of the change in exposure on the premium rate for the professional liability insurance and any extended reporting endorsement.
2. As used in this section, "change in exposure" means any change to the practice of a practitioner licensed pursuant to chapters 630 to 640 of NRS, inclusive, that would either increase or decrease the risk of the practitioner breaching professional duty.
Added to NAC by Comm'r of Insurance by R131-03, eff. 10-30-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Professional Liability Insurance › Section 690B.540 - Filing of schedule-rating plan

Current through June 11, 2024
1. For the purposes of this section, "schedule rating" means the application of judgment credits and debits to the risk rate or premium charge which has been developed through the use of base rate or class rate modified by any other approved rating plan which does not duplicate credits or debits.
2. The Commissioner will accept a schedule-rating plan submitted by an insurer who provides policies of professional liability insurance covering the liability of a practitioner licensed pursuant to chapters 630 to 640, inclusive, of NRS for a breach of professional duty toward a patient if:
(a) The schedule-rating factors apply only to individual risk characteristics which reflect potential hazards.
(b) The schedule rating applies only to policies which develop at least a $2,500 annual premium or a $7,500 3-year prepaid premium. When schedule credits or debits are being applied, the resulting premium must be $2,500 or more for 1 year, or $7,500 or more for 3 years.
(c) The schedule-rating plan provides for credits and debits.
(d) The schedule-rating plan is subject to a maximum total credit or debit of 25 percent for the policy of professional liability insurance and 40 percent for any individual practitioner who is covered under the policy.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.550 - Definitions

Current through June 11, 2024
As used in NAC 690B.550 to 690B.580, inclusive, unless the context otherwise requires, the words and terms defined in NAC 690B.555, 690B.560 and 690B.565 have the meanings ascribed to them in those sections.
Added to NAC by Comm'r of Insurance by R091-03, eff. 9-24-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.555 - "Policy of medical malpractice insurance" defined

Current through June 11, 2024
"Policy of medical malpractice insurance" means a policy of professional liability insurance covering the liability of a practitioner licensed pursuant to chapter 630 or 633 of NRS.
Added to NAC by Comm'r of Insurance by R091-03, eff. 9-24-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.560 - "Qualified risk management system" defined

Current through June 11, 2024
"Qualified risk management system" means a risk management system approved by the Commissioner pursuant to the provisions of NAC 690B.580.
Added to NAC by Comm'r of Insurance by R091-03, eff. 9-24-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.565 - "Risk management system" defined

Current through June 11, 2024
"Risk management system" means a system of procedures designed to reduce:
1. The risk of a claim of malpractice covered by a policy of medical malpractice insurance;
2. The costs related to a claim of malpractice covered by a policy of medical malpractice insurance; or
3. Both the risk of a claim of malpractice and the costs related to a claim of malpractice covered by a policy of medical malpractice insurance.
Added to NAC by Comm'r of Insurance by R091-03, eff. 9-24-2003
NRS 679B.130
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.570 - Annual reports on programs of insurer: Submission; forms

Current through June 11, 2024
1. Each insurer that issues a policy of medical malpractice insurance must submit a report to the Commissioner on the loss prevention and control programs of the insurer, including, without limitation, the qualified risk management systems offered by the insurer.
2. On or before July 15 of each year, the Commissioner will provide to each insurer the form for making the report.
3. On or before September 15 of each year, the report must be returned to the Commissioner.
Added to NAC by Comm'r of Insurance by R091-03, eff. 9-24-2003; A by R111-04, 5-24-2005
NRS 679B.130, 690B.370
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.575 - Qualified risk management systems: Offer by insurer; reduction in premium; fee

Current through June 11, 2024
1. An insurer that issues a policy of medical malpractice insurance must offer a qualified risk management system to an insured.
2. If the insured implements a qualified risk management system offered by the insurer, the rating plan of the insurer must provide for a reduction in the premium for the policy of professional liability insurance.
3. At the discretion of the insurer, the rating plan of the insurer may provide that the reduction in premium may be given:
(a) As a discount at the beginning of the period covered by the policy; or
(b) As a refund at the end of the period covered by the policy.
Nevada Administrative Code › Chapter 690B - Casualty Insurance › MEDICAL MALPRACTICE › Loss Prevention and Control Programs › Section 690B.580 - Qualified risk management systems: Approval by Commissioner

Current through June 11, 2024
1. A risk management system offered by an insurer issuing a policy of medical malpractice insurance to an insured pursuant to NAC 690B.575 must be approved by the Commissioner as a qualified risk management system before it is offered.
2. The insurer shall submit to the Commissioner an application on a form prescribed by the Commissioner for the approval of the risk management system as a qualified risk management system.
3. The Commissioner may approve a risk management system as a qualified risk management system if the Commissioner determines that the risk management system:
(a) Is designed to reduce:
(1) The risk of a claim of malpractice covered by a policy of medical malpractice insurance;
(2) The costs related to a claim of malpractice covered by a policy of medical malpractice insurance; or
(3) Both the risk of a claim of malpractice and the costs related to a claim of malpractice covered by a policy of medical malpractice insurance; and
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.010 - Definitions (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Insurance by R195-99, eff. 1-27-2000;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.020 - "Commissioner" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Insurance by R195-99, eff. 1-27-2000;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.030 - "Provider" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Insurance by R195-99, eff. 1-27-2000;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.040 - "Service contract" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Insurance by R195-99, eff. 1-27-2000;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.045 - "Normal wear and tear" interpreted

Current through June 11, 2024
As used in
			 NRS
			 690C.080, the term "normal wear and tear"
			 includes, without limitation, damage which necessitates the provision of the
			 following services:
1. Repair or
		  replacement of a tire or wheel on a motor vehicle damaged as a result of coming
		  into contact with a road hazard;
2.
		  Removal of a dent, ding or crease on a motor vehicle that is repairable using a
		  process of paintless dent removal without affecting the existing paint finish
		  or removing the body panels of the motor vehicle or sanding, bonding or
		  painting the existing finish of the motor vehicle;
3. Repair of a chip or crack in the
		  windshield or replacement of the windshield of a motor vehicle damaged as a
		  result of a road hazard; and
4.
		  Replacement of a key or key fob of a motor vehicle if the key or key fob
		  becomes inoperable or is lost or stolen.
Added to NAC by
			 Comm'r of Insurance by
			 R007-16,
			 eff. 6/28/2016
NRS
				679B.130,
				690C.080,
				690C.300
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.050 - "Service contract" interpreted

Current through June 11, 2024
The Commissioner will interpret "service contract" as used in
			 chapter 690C of NRS not to include:
1.
		  A service contract issued by a motor club as defined in
		  NRS
		  696A.070;
2. A contract of insurance for home
		  protection as defined in
		  NRS 690B.100;
		  and
3. Contracts of insurance
		  issued by insurers licensed pursuant to Title 57 of NRS.
Added to NAC by Comm'r of
			 Insurance by R195-99, eff. 1-27-2000
NRS
				679B.130,
				690C.300