Nev. Admin. Code § 686A.Sec. 4

Current through November 8, 2024

Section 686A.Sec. 4 - NEW

1. An insurer that uses information from a consumer credit report shall identify any policyholder whose premium was increased as a result of changes in the policyholder's consumer credit report or insurance score which occurred on or after March 1, 2020, and on or before the date which is 2 years after the termination date of the Declaration of Emergency for COVID-19 issued by the Governor on March 12, 2020.

2. After identifying any increase pursuant to subsection 1, the insurer shall revise the premium by

(a) Using a consumer credit report or insurance score that is based on information which was gathered, calculated, updated or recalculated, as appropriate, before March 1, 2020, in rating the policy; or

(b) Reunderwriting and rerating the policyholder's policy pursuant to subsection 3 or 4 of section 3, as applicable, whichever results in the lower premium paid by the policyholder.

3. After revising the premium pursuant to subsection 2, the insurer shall refund to the policyholder the amount of overpayment that resulted from the increase. The minimum refund must be equal to the amount of the premium increase attributable to the changes in the policyholder's consumer credit report or insurance score which occurred on or after March 1, 2020, and on or before the date which is 2 years after the termination date of the Declaration of Emergency for COVID-19 issued by the Governor on March 12, 2020.

4. Nothing in this section prohibits insurers from offering

(a) Greater refunds than the minimum amounts specified in subsection 3; and

(b) Other refunds or measures for consumer relief based on considerations independent of consumer credit information.

5. An insurer that revises a premium pursuant to this section shall

(a) Provide notice to the policyholder that the revision has been made; and

(b) Provide notice to the policyholder explaining the reasons for the revision.

Nev. Admin. Code § 686A.Sec. 4

Added to NAC by Comm'r of Insurance by R087-20A, eff. 12/18/2020

NRS 679B.130, 679B.150, 686A.015, 686A.100, 686A.130 and 686A.680