Nevada Revised Statutes 689C.320 – Required notification when carrier discontinues transacting insurance in this State or particular geographic service area of state; restrictions on carrier that discontinues transacting insurance
1. A carrier that discontinues transacting insurance in this State or in a particular geographic service area of this State shall:
Terms Used In Nevada Revised Statutes 689C.320
- Contract: A legal written agreement that becomes binding when signed.
(a) Notify the Commissioner and the chief regulatory officer for insurance in each state in which the carrier is licensed to transact insurance at least 60 days before a notice of cancellation or nonrenewal is delivered or mailed to the affected small employers pursuant to paragraph (b).
(b) Notify the Commissioner and each small employer affected not less than 180 days before the expiration of any policy or contract of insurance under any health benefit plan issued to a small employer pursuant to this chapter.
2. A carrier that cancels any health benefit plan because it has discontinued transacting insurance in this State or in a particular geographic service area of this State:
(a) Shall discontinue the issuance and delivery for issuance of all health benefit plans pursuant to this chapter in this State and not renew coverage under any health benefit plan issued to a small employer; and
(b) May not issue any health benefit plans pursuant to this chapter in this State or in the particular geographic service area for 5 years after it gives notice to the Commissioner pursuant to paragraph (b) of subsection 1.