Nevada

Nevada has enacted Assembly Bill 376, which, among other provisions, states the Commissioner will establish and administer the Regulatory Experimentation Program for Insurance Product Innovation. This program enables an authorized insurer, who offers at least one insurance product in the state that provides property insurance coverage for real or personal property, to test a qualified insurance product without complying with certain regulations. Insurers wanting to participate in the program must submit a written application for each product proposed for testing in the form prescribed by the Commissioner.

On August 27, 2024, the Nevada Division of Insurance (Division) issued Bulletin 24-002 to remind insurers of their requirement to file any mathematical model used in underwriting or rating for any property and casualty lines of insurance subject to the specified regulation of rates.