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 […]
1. The administrative powers of the Nevada Essential Insurance Association shall be vested in a Board of Directors consisting of not less than five nor more than nine members serving terms as established in the plan of organization. The members of the Board shall be appointed by the Commissioner with due consideration given to the […]
1. The Nevada Essential Insurance Association has, for purposes of this section and to the extent approved by the Commissioner, the general powers and authority granted under the laws of this state to carriers licensed to transact the kinds of insurance defined in NRS 681A.020 to 681A.080, inclusive. 2. The Association may take any necessary […]
The Commissioner and the Nevada Essential Insurance Association may: 1. Give consideration to the need for adequate and readily accessible coverage, to alternative methods of improving the market affected, to the preferences of the insurers and agents, to the inherent limitations of the insurance mechanism, to the need for reasonable underwriting standards and to the […]
There is no liability on the part of, and no cause of action of any nature arises against, the Nevada Essential Insurance Association or its agents or employees, members of the Board or the Commissioner or the representatives of the Commissioner for any good faith performance of their powers and duties under NRS 686B.210 to […]
As used in NRS 686B.270 to 686B.320, inclusive, unless the context otherwise requires, “insured” means any person who has maintained at least 1 year of coverage with an essential insurance association. (Added to NRS by 1981, 1021)
The provisions of NRS 81.130 and 81.510 do not apply to the conversion of an essential insurance association to a domestic stock insurer as provided in NRS 686B.280 to 686B.320, inclusive. (Added to NRS by 1981, 1023; A 1985, 1878; 1991, 1318)
1. An essential insurance association shall, whenever requested to do so by the Commissioner, file a notice of intent to qualify as a domestic stock insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice whenever it considers it appropriate. 2. The notice must be filed […]
1. At the time the association files a notice of intent to qualify as a domestic stock insurer, it must give notice of its intent to all participating insurers and all insureds on a form approved by the Commissioner. The notice to each insured must state the total amount of stock to be issued and […]
The association shall determine the percentage of stock to which each insured is entitled as follows: 1. The amount of gain or loss from operations, including an equitable allocation of investment income attributable to operations, is calculated for each of the following groups: (a) Insureds who have not paid a capital stabilization charge; (b) Insureds […]
An association must comply with the provisions of NRS 680A.120 to qualify as a domestic stock insurer. Any paid-in capital in excess of the minimum amount required may be shown as surplus. (Added to NRS by 1981, 1023)
Upon determining that the Association has complied with NRS 686B.280 to 686B.310, inclusive, and all other requirements applicable to domestic stock insurers, the Commissioner may issue to the Association a certificate of authority to transact business as a domestic stock insurer. (Added to NRS by 1981, 1023; A 2003, 3307)
As used in NRS 686B.330 to 686B.370, inclusive, unless the context otherwise requires, “insured” has the meaning ascribed to it in NRS 686B.260. (Added to NRS by 2003, 3303)
The provisions of NRS 81.130 and 81.510 do not apply to the conversion of an essential insurance association to a domestic mutual insurer or a domestic reciprocal insurer as provided in NRS 686B.330 to 686B.370, inclusive. (Added to NRS by 2003, 3304)
1. An essential insurance association shall, if requested to do so by the Commissioner, file a notice of intent to qualify as a domestic mutual insurer or a domestic reciprocal insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice at such time as the association […]
1. At the time the association files a notice of intent to qualify as a domestic mutual insurer or domestic reciprocal insurer, it must give a notice of intent to all participating insurers and all insureds on a form approved by the Commissioner. 2. Any participating insurer or insured may, within 30 days after the […]
Upon determining that an association has complied with NRS 686B.330 to 686B.370, inclusive, and all other requirements applicable to domestic mutual insurers, if the association is qualifying as a domestic mutual insurer, or to domestic reciprocal insurers, if the association is qualifying as a domestic reciprocal insurer, the Commissioner may issue to the association a […]
