AB74
AN ACT relating to insurance; making various changes to the Nevada Insurance Code; revising provisions governing examinations of insurers and other persons subject to regulation under the Code; revising certain powers and duties of the Commissioner of Insurance; revising various requirements and restrictions imposed on insurers and other persons subject to regulation under the Code; revising provisions relating to service contracts, providers of service contracts and administrators of service contracts; repealing provisions governing insurance for home protection; revising provisions relating to administrators; standardizing the definitions of certain words and terms; revising provisions relating to adjustors; revising provisions relating to certain trade practices and frauds; removing certain obsolete and duplicative provisions; transferring certain duties from the Commissioner of Financial Institutions to the Commissioner of Mortgage Lending; revising provisions relating to certain accounts and funds relevant to the regulation of certain insurers and insurance administration; designating certain employees of the Division of Insurance of the Department of Business and Industry as category II peace officers; providing penalties; and providing other matters properly relating thereto. Close title AN ACT relating to insurance; making various changes to the Nevada Insurance Code; revising provisions governing examinations of insurers and other persons subject to regulation under the Code; revising certain powers and duties of the Commissioner of Insurance; revising various requirements and restrictions imposed on insurers and other persons subject to regulation under the Code; revising provisions relating to service contracts, providers of service contracts and administrators of service contracts; repealing provisions governing insurance for home protection; revising provisions relating to administrators; standardizing the definitions of certain words and terms; revising provisions relating to adjustors; revising provisions relating to certain trade practices and frauds; removing certain obsolete and duplicative provisions; transferring certain duties from the Commissioner of Financial Institutions to the Commissioner of Mortgage Lending; revising provisions relating to certain accounts and funds relevant to the regulation of certain insurers and insurance administration; designating certain employees of the Division of Insurance of the Department of Business and Industry as category II peace officers; providing penalties; and providing other matters properly relating thereto.
Introduction Date
Wednesday, November 20, 2024
Primary Sponsor
Assembly Committee on Commerce and Labor
Public exhibits
0
Support 0 · Opp 0 · Neutral 0
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to insurance; making various changes to the Nevada Insurance Code; revising provisions governing examina
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) Existing law sets forth various requirements relating to examinations of insurers, which are conducted by the Commissioner. (NRS 679B.230-679B.300) Section 354 of this bill repeals those provisions of existing law relating to examinations of insurers. Sections 1-41 of this bill reenact, reorganize and revise those provisions into a new chapter of the Nevada Revised Statutes governing examinations of insurers and other persons subject to regulation under the Nevada Insurance Code. Sections 3-12 and 27-41 additionally enact provisions that are modeled, in general, after the Market Conduct Surveillance Model Law adopted by the National Association of Insurance Commissioners and which: (1) require the Commissioner to collect and analyze information concerning the market practices of insurers; and (2) authorize the Commissioner to take certain actions, including, without limitation, the conducting of certain examinations, based on the results of that analysis. Sections 43, 54, 65, 111, 113, 114, 124-127, 197, 203, 210, 213, 216-218, 221, 223, 229, 251, 253, 269, 289-291, 293, 294, 297, 318, 319, 336, 340 and 342 of this bill make conforming changes to replace references in existing law to the sections which were repealed and reenacted in sections 2-41. Section 42 of this bill authorizes the Commissioner, during a state of e
NELIS exhibits (0 on file)
No public exhibits in the NELIS scrape.
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