686B.240 - Nevada Essential Insurance Association: Powers of Commissioner and Association. - Nevada Statutes

686B.240  Nevada Essential Insurance Association: Powers of Commissioner and Association.  The Commissioner and the Nevada Essential Insurance Association may:

      1.  Give consideration to the need for adequate and readily accessible coverage, to alternative methods of improving the market affected, to the preferences of the insurers and agents, to the inherent limitations of the insurance mechanism, to the need for reasonable underwriting standards and to the requirement of reasonable loss-prevention measures.

      2.  Establish procedures that will create minimum interference with the voluntary market.

      3.  Spread the burden imposed by the facility equitably and efficiently.

      4.  Establish procedures for applicants and participants to have grievances reviewed.

      5.  Take all reasonable and necessary steps to dissolve the Association at the earliest date when essential insurance becomes readily available in the private market. The dissolution of the Association, including its assets and liabilities, must be accomplished under the supervision of the Commissioner in an equitable and reasonable manner. The dissolution must, if determined to be appropriate by the Commissioner, provide for the repayment of any loans or other money provided or contributed by the State of Nevada for the formation or continuance of the Association.

      (Added to NRS by 1975, 399; A 2003, 3306)