Section 686B.610 - Individual risk premium modification plans1. For the purposes of this section, "schedule rating" means application of judgment credits and debits to the risk rate or premium charge which has been developed through the use of base rate or class rate modified by: (a) Package discounts where applicable; and(b) Any other approved rating plan which does not duplicate credits or debits.2. The Commissioner will accept individual risk premium modification plans if:(a) Schedule-rating factors apply only to individual risk characteristics which reflect potential hazards.(b) Schedule rating applies only to risks which develop at least $500 annual premium or $1,500 3-year prepaid premium. When schedule credits are being applied, the resulting premium must be $500 or more for 1 year, or $1,500 or more for 3 years.(c) The schedule-rating plan must provide for debits and credits, and is subject to maximum total debits or credits of 25 percent.(d) No risk may be modified except after inspection of the property. The insurer shall retain adequate supporting data, including copies of inspection reports, which may be inspected by the Division.3. Each filing of an individual risk premium modification plan must be accompanied by a statement by the filing official affirming that the filing conforms to the provisions of this section.4. This section does not apply to automobile liability, automobile physical damage, general liability, medical malpractice liability, burglary, glass, fidelity or boiler and machinery rating plans.Nev. Admin. Code § 686B.610
Comm'r of Insurance, PC-16, eff. 9-23-72-NAC A by R072-02, 7-12-2002NRS 679B.130, 686B.070, 686B.100