(d) Multiple lender inquiries, if identified on the consumer credit report as being related to home loans or mortgages and made within 30 days of one another, unless only one inquiry is considered. (e) Multiple lender inquiries, if identified on the consumer credit report as being related to a loan for an automobile and made within 30 days of one another, unless only one inquiry is considered. (Added to NRS by 2003, 2802) NRS 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. (Added to NRS by 2003, 2804) NRS 686A.700 Disclosure of use of credit information. 1. If an insurer uses credit information in underwriting or rating an applicant, the insurer or its agent shall disclose, either on the application for the policy or at the time the application is taken, that the insurer may obtain credit information in connection with the application. The disclosure must be written or provided to an applicant in the same medium as the application. The insurer need not provide the disclosure required pursuant to this section to a policyholder upon renewal of a policy if the policyholder was previously provided the disclosure in connection with the policy. 2. An insurer may comply with the requirements of this section by providing the following statement: In connection with this application for insurance, we may review your credit report or obtain or use a credit-based insurance score based on the information contained in that credit report. We may use a third party in connection with the development of your insurance score. (Added to NRS by 2003, 2804) NRS 686A.710 Notice requirements after taking adverse action. If an insurer takes an adverse action based upon credit information, the insurer shall: 1. Provide notice to the applicant or policyholder that an adverse action has been taken, in accordance with the requirements of section 615(a) of the federal Fair Credit Reporting Act, 15 U.S.C. § 1681m(a). 2. Provide notice to the applicant or policyholder explaining the reasons for the adverse action. The reasons must be provided in sufficiently clear and specific language so that a person can identify the basis for the insurer’s decision to take the adverse action. The notice must include a description of not more than four factors that were the primary influences of the adverse action. The use of generalized terms such as “poor credit history,” “poor credit rating” or “poor insurance score” does not meet the requirements of this subsection. Standardized explanations provided by consumer reporting agencies are deemed to comply with this section. (Added to NRS by 2003, 2804) NRS 686A.720 Indemnification of agent by insurer. 1. An insurer shall indemnify, defend and hold harmless an agent of the insurer from and against all liability, fees and costs arising out of or relating to the actions, errors or omissions of the agent with regard to obtaining or using credit information or insurance scores for the insurer, if the agent follows the instructions of or procedures established by the insurer and complies with any applicable law or regulation. 2. This section does not provide, expand, limit or prohibit any cause of action an applicant or policyholder may have against an agent of an insurer. (Added to NRS by 2003, 2804) NRS 686A.730 Consumer reporting agencies: Prohibitions; exemptions. 1. A consumer reporting agency shall not provide or sell data or lists that include any information that in whole or in part was submitted in conjunction with: (a) An inquiry by or for an insurer about the credit information of an applicant or policyholder; or (b) A request for a credit report or insurance score. 2. The information described in subsection 1 includes, without limitation: (a) The expiration date of a policy or any other information that may identify time periods during which a policy of an applicant or policyholder may expire; and (b) The terms and conditions of the coverage provided by a policy of an applicant or policyholder. 3. The restriction set forth in subsection 1 does not apply to data or lists the consumer reporting agency supplies to the insurer, or an agent or affiliate of the insurer, from whom the information was received. 4. The provisions of this section do not restrict any insurer from being able to obtain a report regarding a motor vehicle or a report of a history of claims. (Added to NRS by 2003, 2805) CHAPTER 686B - RATES AND ESSENTIAL INSURANCE RATES AND SERVICE ORGANIZATIONS General Provisions NRS 686B.010 Construction and purposes. NRS 686B.020 Definitions. NRS 686B.030 Applicability. NRS 686B.040 Exemptions. NRS 686B.050 Standards. NRS 686B.060 Determination of whether rates comply with standards. NRS 686B.070 Filing of rates and supplementary information with Commissioner. NRS 686B.080 Rates and supplementary information open to public inspection; copies. NRS 686B.090 Use of rates and supplementary information prepared by rate service organization. NRS 686B.100 Filing of supporting data. NRS 686B.110 Disapproval of rates. NRS 686B.115 Hearing on rates open to public; cost for transcripts; public testimony. NRS 686B.117 Intervention in hearing on rates. NRS 686B.119 Notice of material change in premiums based upon change in zip code of policyholder. NRS 686B.125 Limitation on rates for coverage for dental care. NRS 686B.130 Limitation on services relating to rates of insurance; services of rate service organization and advisory organization to be offered to any insurer. NRS 686B.140 Licensing of rate service organization and advisory organization: Application; issuance, expiration and renewal of license. [Effective until the date of repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] NRS 686B.140 Licensing of rate service organization and advisory organization: Application; issuance, expiration and renewal of license. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] NRS 686B.143 Payment of child support: Statement by applicant for license; grounds for denial of license; duty of Commissioner. [Expires by limitation on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relat

Vegas Law