Assembly Bill No. 548

Assembly Bill No. 548-Committee on Labor and Management

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285

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.

[Approved July 3, 1997]

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 Section 20 of chapter 580, Statutes of Nevada 1995, at page 2002, is hereby repealed.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.
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