Nevada Revised Statutes Section 690A.190 - Insurance

Excessive rates; approval of higher rate; filing of statistical experience for higher rate; restrictive provisions in policy.

1. Except as otherwise provided in subsection 2, any rate in the schedule of rates filed with the Commissioner for approval is excessive if it exceeds the amount prescribed for that type of insurance in the schedules listed in NRS 690A.200, 690A.210 and 690A.220.

2. The Commissioner may approve a rate higher than the rates listed in the schedules in NRS 690A.200, 690A.210 and 690A.220 for credit insurance for a nonstandard risk or class of risk upon the filing by the insurer of statistical information that justifies the higher rate. If approval is given for the higher rate, the insurer must file annually with the Commissioner the statistical experience for those rates to justify the continuation of the higher rate.

3. If any policy of insurance contains provisions which are more restrictive in any material respect than those provisions for which rates have been approved by the Commissioner, the rates for that coverage must be lowered to reflect the variance to the extent that a significant difference in the cost of the claim may reasonably be anticipated.

Last modified: February 27, 2006