§ 686B.1775 — Filing of rates, supplementary rate information and supporting data by insurer with Commissioner; findings of Commissioner

Nevada § 686B.1775

• Jurisdiction: Nevada
• Title 57: INSURANCE
• Ch. 686B: Rates

Text

1. Each insurer shall file with the Commissioner all the rates, supplementary rate information, supporting data, and changes and amendments thereof, except any information filed by the Advisory Organization, which the insurer intends to use in this state. An insurer may adopt by reference any supplementary rate information or supporting data that has been previously filed by that insurer and approved by the Commissioner. The filing must indicate the date the rates will become effective. An insurer may file its rates pursuant to this subsection by filing:
(a) Final rates; or
(b) A multiplier and, if used by an insurer, a premium charged to each policy of industrial insurance regardless of the size of the policy which, when applied to the prospective loss costs filed by the Advisory Organization pursuant to NRS 686B.177 , will result in final rates.
2. Each insurer shall file the rates, supplementary rate information and supporting data pursuant to subsection 1:
(a) Except as otherwise provided in subsection 4, if the interaction among insurers and employers is presumed or found to be competitive, not later than 15 days before the date the rates become effective.
(b) If the Commissioner has issued a finding that the interaction is not competitive, not later than 60 days before the rates become effective.
3. If the information supplied by an insurer pursuant to subsection 1 is insufficient, the Commissioner shall notify the insurer and require the insurer to provide additional information. The filing must not be deemed complete or available for use by the insurer and review by the Commissioner must not commence until all the information requested by the Commissioner is received by the Commissioner. If the requested information is not received by the Commissioner within 60 days after its request, the filing may be disapproved without further review.
4. If, after notice to the insurer and a hearing, the Commissioner finds that an insurer’s rates require supervision because of the insurer’s financial condition or because of rating practices which are unfairly discriminatory, the Commissioner shall order the insurer to file its rates, supplementary rate information, supporting data and any other information required by the Commissioner, at least 60 days before they become effective.
5. For any filing made by an insurer pursuant to this section, the Commissioner may authorize an earlier effective date for the rates upon a written request from the insurer.
6. Except as otherwise provided in subsection 1, every rate filed by an insurer must be filed in the form and manner prescribed by the Commissioner.
7. As used in this section, “supporting data” means:
(a) The experience and judgment of the insurer and of other insurers or of the Advisory Organization, if relied upon by the insurer;
(b) The interpretation of any statistical data relied upon by the insurer;
(c) A description of the actuarial and statistical methods employed in setting the rates; and
(d) Any other relevant matters required by the Commissioner.

Legislative History

(Added to NRS by 1995, 2052 ; A 1997, 1453 ; 1999, 444 , 2221 , 2224 ; 2001, 154 )