Bill > AB376

This bill establishes the Regulatory Experimentation Program for Insurance Product Innovation, a four-year initiative allowing insurance companies to test new property insurance products with potential exemptions from certain regulatory requirements. The program enables authorized insurers to apply to test "qualified insurance products" - property insurance for real or personal property in Nevada - through a carefully controlled experimental process. Insurers must submit detailed applications explaining their proposed product, including potential benefits, risks, and testing plans. The Commissioner of Insurance will review applications within 90 days and can approve or deny them, with approved participants receiving a unique registration number and potential regulatory exemptions. Key provisions include mandatory consumer disclosures about the experimental nature of the product, a maximum testing period of 36 months (with one possible 12-month extension), and comprehensive reporting requirements. The bill also includes several additional insurance-related provisions, such as allowing insurers to exclude wildfire coverage from property insurance policies, revising rules for reciprocal and captive insurers, and creating a flex-rated filing system for insurance rate increases. The program is designed to foster innovation while maintaining consumer protections, with the Commissioner retaining significant oversight and the ability to remove participants who pose risks to consumers.

Budget and Finance, Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12518/Overview