NRS 679B.475. Application to participate; requirements for application [Effective through December 31, 2029.]

1. 1. An authorized insurer who desires to participate in the Program to test a qualified insurance product must submit a written application in accordance with this section, in the form prescribed by the Commissioner. A separate application must be filed for each qualified insurance product proposed for testing.
2. 2. The application must show that the applicant offers at least one insurance product that provides property insurance coverage for real or personal property located in this State outside of the Program and will at all times during the test continue to offer at least one insurance product that provides property insurance coverage for real or personal property located in this State outside of the Program.

3. 3. The application must include:

   1. (a) A description of the qualified insurance product proposed for testing and an explanation of:

      1. (1) Any exemption from the provisions of this title or the regulations adopted pursuant thereto that the applicant is requesting, which must not include any provision of this chapter or chapter 686A of NRS, and a justification for each such exemption;
      2. (2) Any benefit of the qualified insurance product;
      3. (3) Any risk of harm to consumers associated with the qualified insurance product; and
      4. (4) The manner in which participation in the Program will facilitate a successful test of the qualified insurance product.

   2. (b) A statement of the proposed plan for testing the qualified insurance product. The plan:

      1. (1) Must include, without limitation:

         1. (I) An estimate of the dates or periods anticipated for the test;
         2. (II) The regions and populations of this State that the applicant will target during the test, including, without limitation, any high-risk areas of this State and any underserved regions or populations;
         3. (III) Measures to protect consumers from harm caused by a failure of the test; and
         4. (IV) The plan to wind up and terminate the test; and
      2. (2) May provide for the provision of the qualified insurance product through producers of insurance acting as agents and brokers.
   3. (c) A description of each insurance product the applicant offers in this State outside of the Program.
   4. (d) Any other information deemed necessary by the Commissioner.

(Added to NRS by 2025, 2703)