“Open-end credit” means credit extended by a creditor under an agreement in which: 1. The creditor reasonably contemplates repeated transactions; 2. The creditor periodically imposes a finance charge on any outstanding unpaid balance; and 3. The amount of credit that may be extended to the debtor during the term of the agreement up to any […]
“Reverse competition” means competition among insurers that regularly takes the form of insurers competing for the favor of a person who controls or may control the placement of insurance with insurers that tends to increase insurance premiums or prevents a decrease in insurance premiums in order to give greater compensation to a person who controls […]
“Single-interest insurance” means credit personal property insurance covering only the interest of the seller or creditor in goods purchased through a credit transaction or pledged as collateral in a credit transaction. (Added to NRS by 2005, 2107)
All credit personal property insurance, including guaranteed asset protection insurance, written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except: 1. Credit transactions involving extensions of credit primarily for business or commercial purposes; 2. Insurance written in connection with a credit transaction that is […]
For credit personal property insurance sold in conjunction with a closed-end credit transaction, an insurer shall not: 1. Issue credit personal property insurance unless the amount financed exceeds $300; 2. Issue credit personal property insurance in an amount that exceeds the amount of the underlying credit transaction; and 3. Sell credit personal property insurance with […]
Credit personal property insurance must: 1. At a minimum, include the coverage in the standard fire policy with coverage attachment and extended coverage endorsement; and 2. Cover a substantial risk of loss of or damage to the property related to the credit transaction. (Added to NRS by 2005, 2108)
1. An insurer shall not: (a) Require the bundling of other credit insurance coverage with the purchase of credit personal property insurance; and (b) Use gross debt in any manner to determine the premiums for credit personal property insurance. 2. A debtor must have a choice to purchase credit personal property insurance separately from other […]
1. Before a debtor elects to purchase credit personal property insurance in connection with a credit transaction, the following information must be disclosed to the debtor in writing: (a) That the purchase of credit personal property insurance from the creditor is not mandatory and is not a condition for obtaining credit approval; (b) If more […]
An offer to extend coverage for an open-end credit transaction must include, at the time of the invitation to contract, a written disclosure or, if the solicitation is made by telephone and the written disclosure is mailed to the debtor not later than 10 days after enrollment, an oral summary of the written disclosure. The […]
1. All credit personal property insurance must be evidenced by an individual policy or a certificate of insurance that is delivered to the debtor. 2. The individual policy or certificate of insurance must, in addition to other requirements of law, include: (a) The name and address of the home office of the insurer; (b) The […]
1. Except as otherwise provided in subsection 2, the individual policy or certificate of insurance must be delivered to the debtor upon acceptance of the insurance by the insurer. 2. An individual policy or certificate of insurance made in connection with an open-end credit agreement or any credit personal property insurance requested by the debtor […]
1. Except as otherwise provided in NRS 691C.330 and 691C.340, all policies, certificates of insurance, applications for insurance, enrollment forms, endorsements and riders delivered or issued for delivery in this State and the schedules of premium rates related thereto must be filed with the Commissioner. 2. An item filed with the Commissioner pursuant to subsection […]
1. The Commissioner may adopt by regulation forms for use in the issuance of credit personal property insurance, including applications, policies, forms for claims and any other forms required for the sale, issuance and administration of credit personal property insurance. An insurer may elect to use those forms in lieu of any other forms. 2. […]
The Commissioner may, by regulation, establish rates that an insurer may use without filing pursuant to NRS 691C.320. In establishing such rates, the Commissioner shall consider and apply the following factors: 1. Actual and expected loss experience; 2. General and administrative expenses; 3. Loss settlement and adjustment expenses; 4. Reasonable creditor compensation; 5. The manner […]
Except as otherwise provided in NRS 691C.340: 1. A rate that has been filed and approved pursuant to NRS 691C.320 is effective for a period not to exceed 3 years after the date of approval. The insurer shall file a rate for approval before the expiration of the 3-year period. The insurer may file a […]
For open-end credit transactions, the rating plan of the insurer must address, by the grouping of similar accounts, the expected variance in the ratio of goods purchased that are covered under the credit personal property insurance and goods that are not covered by that insurance. Accounts must be separated into groups that have or are […]
Each year, not later than the date specified in the Instructions to the Annual Statement published by the National Association of Insurance Commissioners, an insurer doing business in this State shall file with the Commissioner and the National Association of Insurance Commissioners a report of credit personal property insurance written on the basis of a […]
1. Except as otherwise provided in subsection 2, an authorized insurer issuing credit personal property insurance may not enter into any agreement whereby the authorized insurer transfers, by reinsurance or otherwise, to an unauthorized insurer, as they relate to credit personal property insurance written or issued in this State: (a) A substantial portion of the […]
1. Each individual policy or certificate of insurance must provide for a refund of unearned premiums if the credit personal property insurance is cancelled before the scheduled date of termination of the insurance. 2. Except as otherwise provided in this section, any refund must be provided to the person to whom it is entitled as […]
1. All claims must be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate files on all reported claims. All claims must be settled as soon as practicable and in accordance with the terms of the insurance contract. 2. All claims must be paid by draft drawn upon […]
