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Nevada Revised Statutes Title 57. Insurance § 689C.480. Required notification when carrier ceases to renew all contracts; restrictions on carrier that ceases to renew all contracts

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A carrier may cease to renew all contracts covering voluntary purchasing groups and discontinue issuing and delivering for issuance any such contracts. The carrier shall provide notice:

(a) At least 60 days before the notice of termination is provided pursuant to paragraph (b), to the Commissioner and the chief regulatory officer for insurance of each state in which the carrier is licensed to transact insurance; and

(b) At least 180 days before termination of coverage to holders of all affected contracts and to the Commissioner and the chief regulatory officer for insurance in each state in which an affected insured person is known to reside.

2. A carrier that exercises its right to cease to renew all contracts covering voluntary purchasing groups shall not transfer or otherwise provide coverage to any of the insureds from a nonrenewed voluntary purchasing group unless the carrier offers to transfer or provide coverage to all affected employers and eligible employees and dependents without regard to characteristics of the insured, experience as to claims, health or duration of coverage.

3. A carrier that decides to terminate its contracts and to discontinue issuing and delivering for issuance any contracts pursuant to this section:

(a) Shall discontinue issuance and delivery for issuance all health benefit plans pursuant to this chapter in this state and, except as otherwise provided in this section, not renew any such contracts; and

(b) Shall not enter into any new contract with a voluntary purchasing group for 5 years after the date on which the carrier terminated its contracts with voluntary purchasing groups.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 689C.480. Required notification when carrier ceases to renew all contracts; restrictions on carrier that ceases to renew all contracts - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-689c-480/

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