NRS 690B.360 Information pertinent to monitoring compliance with applicable standards for rates: Commissioner authorized to collect; analysis; report to Legislature required under certain circumstances.
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NRS 690B.360 Information pertinent to monitoring compliance with applicable standards for rates: Commissioner authorized to collect; analysis; report to Legislature required under certain circumstances.
1. The Commissioner may collect all information which is pertinent to monitoring whether an insurer that issues professional liability insurance for a practitioner licensed pursuant to chapter 630 , 631 , 632 or 633 of NRS is complying with the applicable standards for rates established in NRS 686B.010 to 686B.1799 , inclusive. Such information may include, without limitation:
(a)The amount of gross premiums collected with regard to each medical specialty;
(b)Information relating to loss ratios; and
(c)Information reported pursuant to NRS 679B.430 and 679B.440 .
2. In addition to the information collected pursuant to subsection 1, the Commissioner may request any additional information from an insurer:
(a)Whose rates and credit utilization are materially different from other insurers in the market for professional liability insurance for a practitioner licensed pursuant to chapter 630 , 631 , 632 or 633 of NRS in this State;
(b)Whose credit utilization shows a substantial change from the previous year; or
(c)Whose information collected pursuant to subsection 1 indicates a potentially adverse trend.
3. If the Commissioner requests additional information from an insurer pursuant to subsection 2, the Commissioner may:
(a)Determine whether the additional information offers a reasonable explanation for the results described in paragraph (a),
(b)or
(c)of subsection 2; and
(b)Take any steps permitted by law that are necessary and appropriate to assure the ongoing stability of the market for professional liability insurance for a practitioner licensed pursuant to chapter 630 , 631 , 632 or 633 of NRS in this State.
4. On an ongoing basis, the Commissioner may analyze and evaluate the information collected pursuant to this section to determine trends in and measure the health of the market for professional liability insurance for a practitioner licensed pursuant to chapter 630 , 631 , 632 or 633 of NRS in this State.
5. If the Commissioner convenes a hearing pursuant to subsection 1 of NRS 690B.350 and determines that the market for professional liability insurance issued to any class, type or specialty of practitioner licensed pursuant to chapter 630 , 631 or 633 of NRS is not competitive and that such insurance is unavailable or unaffordable for a substantial number of such practitioners, the Commissioner shall prepare and submit a report of the Commissioner’s findings and recommendations to the Director of the Legislative Counsel Bureau for transmittal to members of the Legislature.
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