Nevada Administrative Code › Chapter 686B - Rates and Essential Insurance › MOTOR VEHICLE INSURANCE COVERING PRIVATE PASSENGER VEHICLES › Section 686B.715 - Supporting data required with filing of rates; exempt filings

Current through June 11, 2024
1. A filing of rates made pursuant to
			 NRS
			 686B.070 must contain:
(a) The supporting data listed in
			 NRS
			 686B.100 and NAC 686B.500.
(b) The following supporting data, which must
			 be listed on the current "NV PC1" form which is available from the Division:
(1) The name of the insurer.
(2) By territory, the percentage of change in
			 the base rates for:
(I) Liability for bodily
			 injury;
(II) Liability for property
			 damage;
(III) Coverage for
			 uninsured or underinsured motorists;
(IV) Medical payments;
(V) Comprehensive coverage; and
(VI) Collision coverage.
(3) If necessary, for each of those base
			 rates, any changes in:
(I)
			 Territory;
(II) Age, sex or marital
			 status;
(III) Coverage for one
			 vehicle or more than one vehicle; and
(IV) Use categories.
(4) The largest theoretical rate increase
			 resulting from a combination of factors in subparagraph (3), a listing of the
			 contribution of each component and the compound result of all
			 components.
(5) If applicable, the
			 adjustment of variable expenses to fixed expenses, commonly referred to as
			 "expense flattening."
(6) If
			 necessary, for each of the factors listed in subparagraph (3), a separate list
			 of the factors for the balancing of increases and decreases of components to
			 achieve a preselected overall change in rates, commonly referred to as
			 "off-balance factors."
(7) For each
			 of the coverages listed in subparagraph (2), the written premium at current
			 rates for a recent 12-month period and the requested change in rates indicated
			 by percentage and amount in dollars.
(8) The total number of vehicles insured for
			 bodily injury or property damage which are principally kept in this State and
			 the percentage of those vehicles insured in each territory of the insurer. The
			 Commissioner may, at the request of the insurer, allow the information required
			 by this paragraph to be submitted separately to the Division and to be deemed
			 confidential pursuant to subsection 5 of
			 NRS
			 679B.190.
(9) The total number of vehicles insured and
			 principally kept in this State.
(10) A statement by the insurer explaining
			 why the filing meets the standards of
			 NRS 686B.050 and
			 686B.060.
(11) A statement by the insurer describing
			 the actions it has taken to reduce costs for motor vehicle insurance covering
			 private passenger vehicles, including programs:
(I) To reduce the insurer's own operational
			 or other expenses.
(II) To reduce
			 fraudulent claims.
(III) For the
			 management of medical cases or other programs to contain medical
			 costs.
(IV) To reduce the costs of
			 repairing vehicles.
(V) For risk
			 management, loss prevention, safety, and the training or education of drivers
			 that are promoted by the insurer.
(c) A cover letter or filing memorandum which
			 summarizes the filing and includes:
(1) A
			 statement as to whether the policy allows the proration or other limitation of
			 coverage, commonly referred to as the "stacking" of coverage for:
(I) Medical payments; or
(II) Uninsured and underinsured
			 motorists.
(2) A
			 verification that the insurer has complied with:
(I) Subsection 1 of NAC 690B.240;
(II) Subsections 2 and 3 of
			 NRS
			 687B.145; and
(III) Division Bulletin No. 89-002.
(d) A statement
			 concerning chargeable accidents which must include:
(1) A copy of the rules of the insurer
			 concerning chargeable accidents; and
(2) An explanation as to how the dollar
			 threshold was established for a chargeable accident.
(e) A list of all discounts required by title
			 57 of NRS which an insurer offers on premiums with a reference to the page
			 number in the manual of the insurer which describes the discount.
(f) A copy of the evidence of insurance
			 provided to the insured pursuant to
			 NRS
			 690B.023.
(g) If the filing is made by an insurer
			 providing coverage for at least 15,000 vehicles principally kept in this State,
			 a list of the 10 largest losses for each of the most recent 5 years, with the
			 status of the claim as either open or closed for:
(1) Liability for bodily injury;
(2) Coverage for uninsured and underinsured
			 motorists; and
(3) Coverage for
			 medical payments.
(h) A
			 distribution of policy limits by the number of insureds for:
(1) Liability for bodily injury;
(2) Coverage for uninsured or underinsured
			 motorists; and
(3) Coverage for
			 medical payments.
(i) A
			 distribution of the number of insured vehicles with:
(1) Collision coverage;
(2) Comprehensive coverage; and
(3) Collision and comprehensive
			 coverage.
(j) The
			 description of each territory used by the insurer.
(k) The ratios which compare the base rates
			 of the insurer for the lowest and highest rated territories for:
(1) Liability for bodily injury;
(2) Coverage for uninsured and underinsured
			 motorists;
(3) Coverage for medical
			 payments;
(4) Comprehensive
			 coverage; and
(5) Collision
			 coverage.
(l) Actuarial
			 exhibits which demonstrate generally accepted actuarial principles, including:
(1) Actuarial models used in the
			 filing;
(2) Indications of
			 necessary rate level changes;
(3)
			 Credibility models;
(4) Development
			 of trend factors;
(5) Development
			 of relativity factors;
(6) Loss
			 development triangles;
(7) Loss
			 development factors;
(8)
			 Permissible loss ratios; and
(9)
			 Other actuarial data relevant to the filing.
(m) An index of all exhibits and documents
			 included in the filing.