689A.675 - Election to act as individual risk-assuming carrier: Suspension by Commissioner; applicable statutes.
689A.675 Election to act as individual risk-assuming carrier: Suspension by Commissioner; applicable statutes.
1. The Commissioner may suspend the election of an individual carrier to act as an individual risk-assuming carrier, if the Commissioner finds that:
(a) The financial condition of the individual carrier no longer supports the assumption of risk from issuing coverage to eligible persons in compliance with NRS 689A.640 to 689A.660, inclusive, without the protection afforded by the Program of Reinsurance;
(b) The individual carrier has failed to market its health benefit plans fairly to all eligible persons in this state or in its established geographic service area, as applicable; or
(c) The individual carrier has failed to provide coverage to eligible persons as required pursuant to NRS 689A.640 to 689A.660, inclusive.
2. An individual carrier that elects to become an individual risk-assuming carrier is subject to:
(a) The provisions of NRS 689A.640 to 689A.660, inclusive, relating to the availability of coverage; and
(b) The provisions of NRS 689A.680 to 689A.700, inclusive, relating to premium rates.
(Added to NRS by 1997, 2894)