686B.210 - Nevada Essential Insurance Association: Establishment; membership; plan of operation. - Nevada Statutes

686B.210  Nevada Essential Insurance Association: Establishment; membership; plan of operation.

      1.  If after a hearing the Commissioner determines that a voluntary or mandatory plan would, in the judgment of the Commissioner, fail for any reason to provide essential insurance coverage, the Commissioner may, by regulation, establish a nonprofit unincorporated legal entity to be known as the Nevada Essential Insurance Association. All insurers required to participate pursuant to subsection 3 of NRS 686B.180 shall become members of the Association as a condition of their authority to transact insurance in this state.

      2.  The Association shall perform its functions under a plan of operation established by regulations promulgated by the Commissioner pursuant to subsection 1 of NRS 686B.180.

      (Added to NRS by 1975, 398)