NRS 686B.1771 Insurer not required to issue policy of industrial insurance to any particular employer; plan for apportionment among insurers of persons entitled to insurance who have not been accepted by an insurer; approval of rates for plan by Commissioner; regulations.
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/nv/chapter-686b-rates-and-essential-insurance/686b-1771·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 686B.1771 Insurer not required to issue policy of industrial insurance to any particular employer; plan for apportionment among insurers of persons entitled to insurance who have not been accepted by an insurer; approval of rates for plan by Commissioner; regulations.
1. No insurer is required to issue to any particular employer a policy for industrial insurance.
2. The Commissioner shall approve a plan submitted by the Advisory Organization for equitable apportionment among insurers of those persons who in good faith are entitled to insurance but who have not been accepted by an insurer. Every insurer shall participate in the plan. The Commissioner shall adopt regulations to carry out the plan.
3. The Advisory Organization shall submit to the Commissioner the rates, supplementary rate information and forms for policies for the plan at least 60 days before they become effective. The rates submitted to the Commissioner must:
(a)Reflect the experience of the persons insured pursuant to the plan to the extent that those rates are actuarially appropriate.
(b)Be actuarially determined to ensure that the plan is self-sustaining.
4. The Commissioner shall disapprove any rates for the plan which do not meet the standards of NRS 686B.050 . The rates shall be deemed to be approved unless they are disapproved by the Commissioner within 60 days after they are filed pursuant to the procedures in NRS 686B.1775 .