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Reno

Consumers may get relief under new Nevada insurance law

Date:

NEVADA DIVISION OF INSURANCE NEWS RELEASE

CARSON CITY — Consumers who have suffered an “extraordinary life event” may now ask their insurance company to provide an exception to the use of their credit information for underwriting and rating purposes, which may otherwise result in an increase in their premium rate.

“This is an important chance for some Nevadans who have suffered an unfortunate event to find relief during these trying economic times,” said Commissioner Scott J. Kipper of the Nevada Division of Insurance.

The new Nevada law, typically applies to purchasers of personal auto, home and personal umbrella insurance. It requires that all Nevada personal lines insurers must offer consumers an exception to the insurer’s use of credit information, if a consumer has provided adequate documentation, as determined by the insurer, of an “extraordinary life event.” These events include a catastrophe, a serious illness or injury, death of a family member, divorce or involuntary interruption of legal alimony or support payments, identity theft, involuntary unemployment for a period of 3 months or more, military deployment overseas, or other events as determined by the insurer.

Consumers interested in being considered for an exception should contact their insurers for more information.

On Nov. 1, the Nevada Division of Insurance will begin airing a new public service announcement on television, educating consumers about their new opportunity. The public service announcement can be viewed online at bit.ly/nvextra.

For more information about extraordinary-life-event exceptions or the use of credit-based insurance scores contact the Division of Insurance at doi.nv.gov.

About the Nevada Division of Insurance

The Nevada Division of Insurance protects the rights of Nevada consumers and ensures the financial solvency of insurers. The Division investigated more than 2,400 consumer complaints during fiscal year 2010. The total premium dollar amount of all lines of insurance in Nevada for 2010 was approximately $11 billion. The Division is an accredited member of the National Association of Insurance Commissioners, a national organization comprised of state insurance regulators dedicated to the development of good public policy in insurance. For more information about the Division of Insurance, visit doi.nv.gov.

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