NAII testifies in favor of Nevada files and use Bill
The National Association of Independent Insurers February 14 testified in favor of Senate Bill 4, before the Nevada Senate Committee on Economy and Labour.
SB 4 in a car or a home insurance policy must be the owner of his sentences with the commissioner of insurance, but companies can grant their changes immediately after registration. Nevada recent rules require that the Commissioner for examination and approval of tariffs, before entering into force.
According Saturday Sorich, NAII Vice President and Regional Director of the West, the bill protects the consumer by preserving the current standard notation. In addition, it allows the commissioner to the company on the use of their recordings and requires the commissioner to impose the prior consent of the insurer on the new price. SB 4 also requires the Commissioner of the automobile and homeowners markets to ensure adequate competition.
When there is a lack of competition in a market, prior authorization is restored. “The prior laws make sense if a market is competitive,” said Sorich. “This is not the case in Nevada. In the state of Nevada, there are more than 150 companies writing auto insurance and nearly 100 insurance companies owner in writing to consumers a wide range of choices when purchasing coverage.
The NAII believes that legislation in this area would benefit consumers and insurers. The association also believes it would create a more efficient process to remove, without essential mechanisms for the protection of consumers.
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