Assembly Bill No. 548-Committee on Labor and Management
May 28, 1997
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Referred to Committee on Labor and Management
SUMMARY--Revises provisions that prospectively authorize private carriers to issue policies of industrial insurance. (BDR 57-1591)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to industrial insurance; requiring the rates for the plan for equitable apportionment among insurers of persons who are entitled to insurance but who have not been accepted by an insurer to be actuarially determined to ensure that the plan is self-sustaining; eliminating the requirement that a private carrier provide industrial insurance for the same classes of risk for which he provides industrial insurance outside this state; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1 NRS 686B.1771 is hereby amended to read as follows:
686B.17711. No insurer is required to issue to any particular employer a policy for industrial insurance.
2. The commissioner shall approve a plan submitted by the advisory organization for equitable apportionment among insurers of those persons who in good faith are entitled to insurance but who have not been accepted by an insurer. Every insurer shall participate in the plan. The commissioner shall adopt regulations to carry out the plan.
3. The advisory organization shall submit to [him] the commissioner the rates, supplementary rate information and forms for policies for the plan at least 60 days before they become effective. The rates submitted to the commissioner must [reflect] :
(a) Reflect the experience of the persons insured pursuant to the plan to the extent that those rates are actuarially appropriate.
(b) Be actuarially determined to ensure that the plan is self-sustaining.
4. The commissioner shall disapprove any rates for the plan which do not meet the standards of NRS 686B.050. The rates shall be deemed to be approved unless they are disapproved by the commissioner within 60 days after they are filed pursuant to the procedures in NRS 686B.1775.
Sec. 2 Section 20 of chapter 580, Statutes of Nevada 1995, at page 2002, is hereby repealed.
Sec. 3 1. This section and section 2 of this act become effective upon passage and approval.
2. Section 1 of this act becomes effective at 12:01 a.m. on July 1, 1999.
TEXT OF REPEALED SECTION
Section 20 of chapter 580, Statutes of Nevada 1995:
Sec. 20. A private carrier that provides industrial insurance for certain classes of risk outside this state shall provide insurance for all of those classes in this state. A private carrier that specializes in insurance for one or more classes of risk may limit its offering of industrial insurance to those classes in this state.