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Senate approves insurance bill aimed at speeding rate approvals as carriers exit Nevada market
Summary
AB 376, legislation addressing insurance regulation and rate-approval delays, passed the Nevada Senate unanimously. Sponsors said processing delays are driving insurers out of the state and the bill seeks to speed approvals to retain market competition.
The Nevada Senate unanimously passed Assembly Bill 376, legislation described on the floor as relating to insurance and intended to address regulatory bottlenecks that sponsors say are contributing to insurer departures from Nevada.
Senator Buck, speaking in support, told colleagues the bill addresses a growing crisis: insurers have been submitting rate-adjustment requests to the Division of Insurance but face "extreme delays from 9 months to over a year." He said major companies had already left or scaled back and that the delays were prompting insurers to exit the market, reducing consumer choice and raising premiums. "If insurers can't operate substantially, they will continue to leave, and Nevadans will bear the cost," he said.
Buck described the bill as a procedural fix to accelerate rate approvals and preserve competition. The Senate recorded a unanimous roll-call vote of 21 yeas and 0 nays; the bill was declared passed and ordered to the Assembly.
The floor record does not contain the full technical details of the regulatory changes; sponsors characterized the bill as responding to agency delays and as necessary to sustain market competition and consumer access to insurance products.
AB 376 will go to the Assembly for enrollment and any additional actions required before the bill can reach the governor.
