Nev. Rev. Stat. § 686A.690

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 686A.690 - Reunderwriting or rerating of insured; refund of premium

If it is determined pursuant to the dispute resolution process set forth in section 611(a) of the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a), that the credit information of a policyholder was incorrect or incomplete and if the insurer receives notice of such determination from either the consumer reporting agency or from the policyholder, the insurer shall reunderwrite and rerate the policyholder within 30 days of receiving the notice. After reunderwriting or rerating the insured, the insurer shall make any adjustments necessary, consistent with its underwriting and rating guidelines. If an insurer determines that the policyholder has overpaid a premium, the insurer shall refund to the policyholder the amount of overpayment calculated back to the shorter of either the last 12 months of coverage or the actual period of the policy.

NRS 686A.690

Added to NRS by 2003, 2804
Added to NRS by 2003, 2804