686B.070 - Filing of rates and supplementary information with Commissioner. - Nevada Statutes

686B.070  Filing of rates and supplementary information with Commissioner.

      1.  Every authorized insurer and every rate service organization licensed under NRS 686B.140 which has been designated by any insurer for the filing of rates under subsection 2 of NRS 686B.090 shall file with the Commissioner all:

      (a) Rates and proposed increases thereto;

      (b) Forms of policies to which the rates apply;

      (c) Supplementary rate information; and

      (d) Changes and amendments thereof,

Ê made by it for use in this state.

      2.  If an insurer makes a filing for a proposed increase in a rate for insurance covering the liability of a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS for a breach of the practitioner’s professional duty toward a patient, the insurer shall not include in the filing any component that is directly or indirectly related to the following:

      (a) Capital losses, diminished cash flow from any dividends, interest or other investment returns, or any other financial loss that is materially outside of the claims experience of the professional liability insurance industry, as determined by the Commissioner.

      (b) Losses that are the result of any criminal or fraudulent activities of a director, officer or employee of the insurer.

Ê If the Commissioner determines that a filing includes any such component, the Commissioner shall, pursuant to NRS 686B.110, disapprove the proposed increase, in whole or in part, to the extent that the proposed increase relies upon such a component.

      (Added to NRS by 1971, 1700; A 1981, 698; 1987, 1533; 1989, 2176; 2003, 919, 3352)