Nevada legislation · 83rd Legislature (2025)
Nevada AB376: Revises provisions relating to insurance. (BDR 57-1009)
Status: Chaptered, June 9, 2025
What the bill says
An act relating to insurance; requiring the Commissioner of Insurance to establish and administer the Regulatory Experimentation Program for Insurance Product Innovation; setting forth requirements for the operation of the Program; authorizing certain property insurers to file a proposed increase in a rate for certain lines of insurance through a program of flex-rated filing; revising requirements relating to insurance coverage for the peril of wildfire; revising certain requirements for reciprocal insurers; revising provisions relating to captive insurers…
From the enrolled text, June 2, 2025:
AN ACT relating to insurance; requiring the Commissioner of Insurance to establish and administer the Regulatory Experimentation Program for Insurance Product Innovation; setting forth requirements for the operation of the Program; authorizing certain property insurers to file a proposed increase in a rate for certain lines of insurance through a program of flex-rated filing; revising requirements relating to insurance coverage for the peril of wildfire; revising certain requirements for reciprocal insurers; revising provisions relating to captive insurers; revising requirements relating to insurance coverage for common-interest communities; and providing other matters properly relating thereto. Legislative Counsel's Digest: Existing law requires the Commissioner of Insurance to regulate insurance in this State and enforce the provisions of the Nevada Insurance Code. (NRS 679B.120) Section 9 of this bill requires the Commissioner to establish and administer the Regulatory Experimentation Program for Insurance Product Innovation, which is a 4-year program to enable an authorized insurer who offers at least one insurance product that provides property insurance coverage for real or personal property located in this State outside of the Program to test a qualified insurance product in this State without complying with certain provisions of the Nevada Insurance Code or certain regulations adopted pursuant thereto that would otherwise be required outside of the Program. Section 7 of this bill defines "qualified insurance product" to mean …