Forms, schedules and formulas: Filing; approval; regulations; withdrawal of approval.
1. Each insurer shall file with the Commissioner for his approval a copy of:
(a) Any policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement and rider relating to credit insurance.
(b) The schedules of rates for premiums and the formulas for refunds relating to credit insurance.
2. No book, chart, card or table of rates or table of refunds may be used or distributed by any insurer or its agents in this state unless it contains in a prominent place the full name of the insurer and the address of its home office.
3. The Commissioner shall, within 30 days after its filing, approve the policy, certificate of insurance, notice of proposed insurance, application for insurance, endorsement or rider if the benefits provided are reasonable in relation to the premium, or if it does not contain any provision which:
(a) Is unjust, unfair, inequitable, misleading or deceptive;
(b) Encourages misrepresentation of the coverage; or
(c) Is contrary to any provision of this Code or of any regulation adopted pursuant to it.
4. The Commissioner may adopt by regulation forms for use in the issuance of credit insurance, including applications, policies, forms for claims and any other forms required for the sale, issuance and administration of credit insurance. An insurer may elect to use those forms in lieu of any other forms. If an officer of the insurer submits, in the manner prescribed by the Commissioner, a written certification to the Commissioner that the forms used by the insurer are identical to those adopted by the Commissioner, the insurer is not required to file those forms with the Commissioner for approval.
5. The Commissioner may, at any time after a hearing held not less than 20 days after written notice to the insurer, withdraw his approval of any such item on any ground set forth in subsection 3. The written notice of the hearing must state the reason for the proposed withdrawal.
6. The insurer shall not issue the item or use it after the effective date of the withdrawal.
7. If a group policy has been delivered in this state before January 1, 1972, or has been or is delivered in another state before, on or after January 1, 1972, the insurer shall file only the group certificate and notice of proposed insurance delivered or issued for delivery in this state as specified in subsections 2 and 4 of NRS 690A.070, and the forms must be approved by the Commissioner if they conform with the requirements specified in those subsections and if the schedules of rates for premiums applicable to the insurance evidenced by the certificate or notice are not in excess of the insurer’s schedules of rates for premiums filed with the Commissioner.
Last modified: February 27, 2006