NRS 691C.290 – Offer to extend coverage for open-end credit transaction.
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 […]
NRS 691C.300 – Individual policy or certificate of insurance: Required as proof of insurance; contents; required statement for insurance related to open-end credit.
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 […]
NRS 691C.310 – Individual policy or certificate of insurance: Delivery.
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 […]
NRS 691C.320 – Policies, forms and schedules: Filing; approval; withdrawal of approval.
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 […]
NRS 691C.330 – Adoption of forms by regulation; election of use of forms by insurer.
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. […]
NRS 691C.340 – Insurer authorized to use rates established by Commissioner in lieu of filing rates; regulations.
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 […]
NRS 691C.350 – Approved rates: Period of effectiveness; timing of filing; filing of revised schedule of premium rates.
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 […]
NRS 691C.360 – Open-end credit transactions: Rating plan required to address certain expected variance; requirements for accounts.
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 […]
NRS 691C.220 – “Reverse competition” defined.
“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 […]
NRS 691C.230 – “Single-interest insurance” defined.
“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)