Information pertinent to monitoring compliance with applicable standards for rates: Commissioner to collect; analysis; annual report.
1. The Commissioner shall 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 must include, without limitation:
(a) The amount of gross premiums collected with regard to each medical specialty;
(b) Information relating to loss ratios;
(c) Information reported pursuant to NRS 690B.250; and
(d) 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 shall:
(a) Determine whether the additional information offers a reasonable explanation for the results described in paragraphs (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 shall:
(a) 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; and
(b) Prepare and submit a report of his findings and recommendations to the Director of the Legislative Counsel Bureau for transmittal to members of the Legislature on or before November 15 of each year.
Last modified: February 27, 2006