Nev. Admin. Code § 690A.155 - Credit unemployment insurance: Rates; eligibility for benefits; age restrictions
1. Each insurer who files rates with the Commissioner for credit unemployment insurance must include in its filing the formula upon which its rates are based.
2. Except as otherwise provided in NAC 690A.030, the rates shall be deemed reasonable if:
(a) On a single premium basis, the rates do not exceed 95 cents for $100 of insurance per annum for the term of the loan for which the insurance is issued;
(b) On a monthly outstanding balance basis, the rates do not exceed 79 cents for $1,000 of remaining principal balance;
(c) On a monthly outstanding balance basis, the rates do not exceed 67 cents for $1,000 of remaining payments;
(d) On a single premium basis for 90-day lump-sum benefits, the rates do not exceed $1.23 for $100 of initial gross indebtedness per year;
(e) On a monthly outstanding balance basis for 90-day lump-sum benefits, the rates do not exceed $1.03 for $1,000 of remaining principal balance; and
(f) On a monthly outstanding balance basis for 90-day lump-sum benefits, the rates do not exceed 86 cents for $1,000 of remaining payments.
3. If an insurer files rates graduated according to the size of the group, the rates shall be deemed reasonable if the rates approximate the standards set forth in subsections 2 to 5, inclusive. The insurer must submit an actuarial memorandum in support of the claim of the insurer that the rates approximate those standards.
4. If the credit unemployment insurance is sold on a joint basis, the rate for the coverage must be calculated by multiplying the applicable rate for single coverage by 1.85.
5. A policy of credit unemployment insurance must include a requirement that:
(a) To be eligible to receive payments under a claim for loss of employment income, the debtor must provide proof that he or she has:
(1) Filed a claim for unemployment benefits with the state agency that administers unemployment benefits in the state where the debtor is eligible to file the claim; or
(2) Registered with a state-licensed employment agency and the registration:
(I) Begins not later than 30 days after the date of involuntary unemployment; and
(II) Continues for the entire period of the claim; and
(b) The debtor is reeligible for unemployment benefits after the completion of payments under a claim for loss of employment income if he or she was employed:
(1) On a full-time basis in a nonseasonal occupation;
(2) For 30 consecutive days; and
(3) By the same employer.
6. A policy of credit unemployment insurance must not include:
(a) Eligibility requirements more restrictive than an age restriction providing that no insurance will become effective for a debtor after the debtor attains:
(1) The age of 66 years and that all insurance for the debtor will terminate when the debtor attains the age of 70 years; or
(2) The age of 68 years and that all insurance for the debtor will terminate when the debtor attains the age of 72 years. If such a provision is included, a premium adjustment is not required and the prima facie rates for credit unemployment insurance shall be deemed reasonable in relation to the benefits provided and may be used without filing additional actuarial information with the Commissioner.
(b) Coverage for unemployment resulting from leave taken in accordance with the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq.
NRS 679B.130, 690A.093, 690A.277
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