689A.650 - Coverage to eligible persons not required under certain circumstances; notice to Commissioner of and prohibition on writing new business after election not to offer new coverage required.
689A.650 Coverage to eligible persons not required under certain circumstances; notice to Commissioner of and prohibition on writing new business after election not to offer new coverage required.
1. An individual carrier is not required to provide coverage to eligible persons pursuant to NRS 689A.640:
(a) During any period in which the Commissioner determines that requiring the individual carrier to provide such coverage would place the individual carrier in a financially impaired condition.
(b) If the individual carrier elects not to offer any new coverage to any persons in this State. An individual carrier that elects not to offer new coverage in accordance with this paragraph may maintain its existing policies issued to persons in this State, subject to the requirements of NRS 689A.630.
2. An individual carrier that elects not to offer new coverage pursuant to paragraph (b) of subsection 1 shall notify the Commissioner forthwith of that election and shall not thereafter write any new business to individuals in this State for 5 years after the date of the notification.
(Added to NRS by 1997, 2893; A 1999, 2805)