Nev. Admin. Code § 686B.501

Current through November 8, 2024

Section 686B.501 - Requirements for filing for increase or decrease in rates: Professional liability insurance for certain practitioners

1. A filing for an increase or decrease in rates for professional liability insurance for practitioners licensed pursuant to chapters 630 to 640, inclusive, of NRS must:

(a) Include a profitability report in the form prescribed by the Commissioner;

(b) Identify the largest theoretical rate increase proposed by the filing; and

(c) Identify the components of the rate increase.

2. The profitability report required by subsection 1 must:

(a) Include the statistical test, including, if applicable, the "students t" test, used to justify the proposed differences in rates by territory, or, if a statistical test is not provided, an explanation as to the reason why a test was not provided; and

(b) Be certified by an officer of the insurer as to its accuracy.

3. The Division's actuary may specify, where reserve charges are coded to a specific year, the years in which accidents have occurred, commonly referred to as "calendar accident years," that the insurer must include in the profitability report.

4. Unless otherwise required by the Commissioner, if an insurer has previously submitted a profitability report, the new report must include updated numbers for all calendar accident years in the previous report and all subsequent years in which accidents have occurred for a maximum reporting period of 10 years.

5. The insurer and the Division's actuary may agree to use the data from the fiscal year in which accidents have occurred, commonly referred to as "fiscal accident year," as the basis for profitability reports.

Nev. Admin. Code § 686B.501

Added to NAC by Comm'r of Insurance, eff. 5-15-96

NRS 679B.130, 686B.070, 686B.100, 686B.110