Nev. Admin. Code § 688A.Sec. 26 - NEW

1. An insurer is responsible for compliance with sections 3 to 27, inclusive. If a violation of sections 3 to 27, inclusive, occurs, either because of the action or inaction of the insurer or its producer, the Commissioner may order any or all of the following:

(a) An insurer to take reasonably appropriate corrective action approved in advance by the Commissioner for any consumer harmed by a failure to comply with sections 3 to 27, inclusive by the insurer, an entity contracted to perform the insurer's supervisory duties or by the producer.

(b) A general agency, independent agency or the producer to take reasonably appropriate corrective action approved by the Commissioner for any consumer harmed by the producer's violation of sections 3 to 27, inclusive.

(c) Any person to cease and desist from any activity in violation of sections 3 to 27, inclusive, following notice and a hearing on the violation.

(d) Any person who violates a provision of sections 3 to 27, inclusive to pay a monetary penalty of not more than $2,000 for each violation.

(e) Suspend or revoke the license of an insure or producer.

2. Any applicable penalty for a violation of sections 3 to 27, inclusive may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

3. The authority to enforce compliance with sections 3 to 27, inclusive is vested exclusively with the Commissioner.

Notes

Nev. Admin. Code § 688A.Sec. 26

Added to NAC by Comm'r of Insurance by R109-23A, eff. 11/15/2024

NRS 679B.130