SB92

Under existing law, with certain exceptions, insurers and certain rate service organizations are required to file with the Commissioner of Insurance all rates and proposed increases thereto, as well as the forms of policies to which the rates apply, supplementary rate information and any changes or amendments to the rates. Existing law requires that such a filing include a proposed effective date and be filed not less than 30 days before that proposed effective date, except that the insurer or rate service organization is authorized to request that the Commissioner authorize an earlier effective date. (NRS 686B.070) Existing law sets forth procedures by which the Commissioner is required to approve or disapprove a proposed increase or decrease in a rate for any kind or line of insurance other than certain health plans. Under existing law, the Commissioner is required to approve or disapprove each proposal not later than 30 days after it is determined by the Commissioner to be complete. Existing law sets forth procedures to allow an insurer or rate service organization to request reconsideration of a disapproved proposed increase or decrease and a hearing to be held on the matter. (NRS 686B.110) This bill revises those provisions to allow an insurer to implement a proposed increase or decrease in certain rates while the process for the approval or disapproval proceeds. Section 1 of this bill requires a filing for a proposed increase or decrease in a rate for any kind or line o

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