Bill > AB437

This bill establishes the Fair Access to Insurance Requirements (FAIR) Plan Association, a nonprofit unincorporated public entity designed to provide property and commercial property insurance coverage when such coverage is not otherwise available from authorized insurers in Nevada. The Association will be governed by a 12-member Board of Directors appointed by the Governor, representing various insurance industry stakeholders, consumers, and fire chiefs. The FAIR Plan will offer property insurance policies up to $750,000 and commercial property insurance policies up to $5,000,000, with specific eligibility requirements including a fire risk assessment and documentation of at least three coverage declinations from other insurers. All authorized insurers offering property or commercial property insurance in the state will automatically be members of the Association and will be required to share expenses, income, and losses on a proportional basis. The plan includes provisions for fee collection, policy issuance through insurance producers, and Commissioner of Insurance oversight, with the goal of ensuring fair access to insurance for properties that have difficulty obtaining coverage through traditional insurance markets. The bill also establishes a mechanism for the Commissioner to review and approve the Association's plan of operation, with the ability to make changes or impose regulations if necessary to meet the legislative intent.

Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12643/Overview