Bill > AB318

This bill modifies Nevada's laws regarding captive insurers, expanding their capabilities in several key areas. Specifically, the bill authorizes captive insurers to directly provide workers' compensation insurance, which was previously prohibited. It also allows the Commissioner of Insurance to authorize or require captive insurers providing workers' compensation insurance to join or contribute to assigned risk pools or insurance insolvency guaranty funds, and to receive benefits from such pools or funds. The bill revises the definition of "private carrier" to explicitly include captive insurers and modifies the prerequisites for providing industrial insurance, allowing captive insurers to do so by maintaining specific securities required for captive insurers. These changes effectively broaden the operational scope of captive insurers in Nevada, particularly in the realm of workers' compensation and industrial insurance, while providing the Insurance Commissioner with additional regulatory flexibility. The modifications aim to create more options for businesses in managing their insurance needs and potentially increase the insurance market's adaptability.