NRS 686B.210 Nevada Essential Insurance Association: Establishment; membership; plan of operation; regulations.
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NRS 686B.210 Nevada Essential Insurance Association: Establishment; membership; plan of operation; regulations.
1. If after a hearing the Commissioner determines that a voluntary or mandatory plan would, in the judgment of the Commissioner, fail for any reason to provide essential insurance coverage, the Commissioner may, by regulation, establish a nonprofit unincorporated legal entity to be known as the Nevada Essential Insurance Association. All insurers required to participate pursuant to subsection 3 of NRS 686B.180 shall become members of the Association as a condition of their authority to transact insurance in this state.
2. The Association shall perform its functions under a plan of operation established by regulations promulgated by the Commissioner pursuant to subsection 1 of NRS 686B.180 .