686B.1777 - When Commissioner may require supporting information regarding rates; when hearing is required for disapproval of rates. - Nevada Statutes

686B.1777  When Commissioner may require supporting information regarding rates; when hearing is required for disapproval of rates.

      1.  If the Commissioner finds that:

      (a) The interaction among insurers is not competitive;

      (b) The rates filed by insurers whose interaction is competitive are inadequate or unfairly discriminatory; or

      (c) The rates violate the provisions of this chapter,

Ê the Commissioner may require the insurers to file information supporting their existing rates. Before the Commissioner may disapprove those rates, the Commissioner shall notify the insurers and hold a hearing on the rates and the supplementary rate information.

      2.  The Commissioner may disapprove any rate without a hearing. Any insurer whose rates are disapproved in this manner may request in writing and within 30 days after the disapproval that the Commissioner conduct a hearing on the matter.

      (Added to NRS by 1995, 2053; A 1997, 1454; 1999, 444, 2222, 2224; 2001, 154)