AB376

• Yeager, Steve voted Yea on this bill despite $2,000 in contributions from American Property Casualty Insurance Association. submit correction
• Jauregui, Sandra voted Yea on this bill despite $1,000 in contributions from American Property Casualty Insurance Association. submit correction

Existing law requires the Commissioner of Insurance to regulate insurance in this State and enforce the provisions of the Nevada Insurance Code. (NRS 679B.120) Section 9 of this bill requires the Commissioner to establish and administer the Regulatory Experimentation Program for Insurance Product Innovation, which is a 4-year program to enable an authorized insurer who offers at least one insurance product that provides property insurance coverage for real or personal property located in this State outside of the Program to test a qualified insurance product in this State without complying with certain provisions of the Nevada Insurance Code or certain regulations adopted pursuant thereto that would otherwise be required outside of the Program. Section 7 of this bill defines “qualified insurance product” to mean an insurance product that provides property insurance coverage for real or personal property located in this State. Section 12 of this bill sets forth the process by which an authorized insurer may apply to participate in the Program. Section 12 requires the application of the applicant to include, among other information, an explanation of any exemption from the provisions of the Nevada Insurance Code or the regulations adopted pursuant thereto that the applicant is requesting. Section 13 of this bill requires the Commissioner to approve or deny an application within 90 days after the completed application is received. Section 14 of this bill requires the Commissione