Nevada Administrative Code
Chapter 686B - Rates and Essential Insurance
MOTOR VEHICLE INSURANCE COVERING PRIVATE PASSENGER VEHICLES
Section 686B.715 - Supporting data required with filing of rates; exempt filings
Universal Citation: NV Admin Code 686B.715
Current through September 16, 2024
1. A filing of rates made pursuant to NRS 686B.070 must contain:
(a) The supporting data listed in
NRS
686B.100 and NAC 686B.500.
(b) The following supporting data, which must
be listed on the current "NV PC1" form which is available from the Division:
(1) The name of the insurer.
(2) By territory, the percentage of change in
the base rates for:
(I) Liability for bodily
injury;
(II) Liability for property
damage;
(III) Coverage for
uninsured or underinsured motorists;
(IV) Medical payments;
(V) Comprehensive coverage; and
(VI) Collision coverage.
(3) If necessary, for each of those base
rates, any changes in:
(I)
Territory;
(II) Age, sex or marital
status;
(III) Coverage for one
vehicle or more than one vehicle; and
(IV) Use categories.
(4) The largest theoretical rate increase
resulting from a combination of factors in subparagraph (3), a listing of the
contribution of each component and the compound result of all
components.
(5) If applicable, the
adjustment of variable expenses to fixed expenses, commonly referred to as
"expense flattening."
(6) If
necessary, for each of the factors listed in subparagraph (3), a separate list
of the factors for the balancing of increases and decreases of components to
achieve a preselected overall change in rates, commonly referred to as
"off-balance factors."
(7) For each
of the coverages listed in subparagraph (2), the written premium at current
rates for a recent 12-month period and the requested change in rates indicated
by percentage and amount in dollars.
(8) The total number of vehicles insured for
bodily injury or property damage which are principally kept in this State and
the percentage of those vehicles insured in each territory of the insurer. The
Commissioner may, at the request of the insurer, allow the information required
by this paragraph to be submitted separately to the Division and to be deemed
confidential pursuant to subsection 5 of
NRS
679B.190.
(9) The total number of vehicles insured and
principally kept in this State.
(10) A statement by the insurer explaining
why the filing meets the standards of
NRS 686B.050 and
686B.060.
(11) A statement by the insurer describing
the actions it has taken to reduce costs for motor vehicle insurance covering
private passenger vehicles, including programs:
(I) To reduce the insurer's own operational
or other expenses.
(II) To reduce
fraudulent claims.
(III) For the
management of medical cases or other programs to contain medical
costs.
(IV) To reduce the costs of
repairing vehicles.
(V) For risk
management, loss prevention, safety, and the training or education of drivers
that are promoted by the insurer.
(c) A cover letter or filing memorandum which
summarizes the filing and includes:
(1) A
statement as to whether the policy allows the proration or other limitation of
coverage, commonly referred to as the "stacking" of coverage for:
(I) Medical payments; or
(II) Uninsured and underinsured
motorists.
(2) A
verification that the insurer has complied with:
(I) Subsection 1 of NAC 690B.240;
(II) Subsections 2 and 3 of
NRS
687B.145; and
(III) Division Bulletin No. 89-002.
(d) A statement
concerning chargeable accidents which must include:
(1) A copy of the rules of the insurer
concerning chargeable accidents; and
(2) An explanation as to how the dollar
threshold was established for a chargeable accident.
(e) A list of all discounts required by title
57 of NRS which an insurer offers on premiums with a reference to the page
number in the manual of the insurer which describes the discount.
(f) A copy of the evidence of insurance
provided to the insured pursuant to
NRS
690B.023.
(g) If the filing is made by an insurer
providing coverage for at least 15,000 vehicles principally kept in this State,
a list of the 10 largest losses for each of the most recent 5 years, with the
status of the claim as either open or closed for:
(1) Liability for bodily injury;
(2) Coverage for uninsured and underinsured
motorists; and
(3) Coverage for
medical payments.
(h) A
distribution of policy limits by the number of insureds for:
(1) Liability for bodily injury;
(2) Coverage for uninsured or underinsured
motorists; and
(3) Coverage for
medical payments.
(i) A
distribution of the number of insured vehicles with:
(1) Collision coverage;
(2) Comprehensive coverage; and
(3) Collision and comprehensive
coverage.
(j) The
description of each territory used by the insurer.
(k) The ratios which compare the base rates
of the insurer for the lowest and highest rated territories for:
(1) Liability for bodily injury;
(2) Coverage for uninsured and underinsured
motorists;
(3) Coverage for medical
payments;
(4) Comprehensive
coverage; and
(5) Collision
coverage.
(l) Actuarial
exhibits which demonstrate generally accepted actuarial principles, including:
(1) Actuarial models used in the
filing;
(2) Indications of
necessary rate level changes;
(3)
Credibility models;
(4) Development
of trend factors;
(5) Development
of relativity factors;
(6) Loss
development triangles;
(7) Loss
development factors;
(8)
Permissible loss ratios; and
(9)
Other actuarial data relevant to the filing.
(m) An index of all exhibits and documents
included in the filing.
2. The provisions of this section do not apply to the filing of prospective loss costs by a licensed rate service organization. As used in this subsection, "prospective loss costs" has the meaning ascribed to it in NAC 686B.415.
Added to NAC by Comm'r of Insurance, eff. 1-27-92; A 5-15-96
NRS 679B.130, 686B.070, 686B.100
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