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Senate approves bill aimed at speeding insurance rate approvals amid insurer exits
Summary
Assembly Bill 3 76 passed unanimously in the Nevada Senate after sponsors said it addresses regulatory delays that have prompted insurers to reduce business or leave the state. The Senate recorded 21 yes votes and 0 no votes and ordered the bill to the Assembly.
Assembly Bill 3 76, introduced by members of the Assembly and considered on the Senate floor, passed the Nevada Senate unanimously after extended remarks from Sen. Buck describing regulatory delays in rate approvals and insurer departures.
Senator Buck, speaking in support, said the bill addresses “a growing crisis in our insurance market” and argued delays in processing rate-adjustment requests by the Division of Insurance — “now facing extreme delays from 9 months to over a year” — have led companies to scale back or leave Nevada. Buck named insurers (floor transcript references included American National, Shelter Insurance, AAA) and warned that the result is fewer market choices and upward pressure on premiums. Buck urged passage as a way to preserve competition and protect consumers.
The secretary opened and closed the roll; the Senate recorded 21 yes votes, 0 no votes. The chamber declared AB 3 76 passed and ordered it to the Assembly.
Why it matters: floor remarks framed the bill as a fix to administrative delays that, if unaddressed, could reduce competition, increase premiums and leave consumers with fewer options.
Next steps: AB 3 76 advances to the Assembly; the Division of Insurance and insurers will be central to implementation and any administrative procedures subject to the bill’s statutory language.
