Our Story. The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
The Nevada Division of Insurance, a division of the Nevada Department of Business and Industry, regulates Nevada's $22 billion insurance industry. It regulates and licenses insurance producers, brokers, and other professionals; sets ethical and financial standards for insurance companies; and reviews rates.
The Federal Insurance Office (FIO) was established by Title V of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). The FIO is housed within the U.S. Department of the Treasury and is headed by a director who is appointed by the secretary of the Treasury.
The Nevada Division of Insurance, a division of the Nevada Department of Business and Industry, regulates Nevada's $22 billion insurance industry. It regulates and licenses insurance producers, brokers, and other professionals; sets ethical and financial standards for insurance companies; and reviews rates.
For example, section 1(a) prohibits misrepresenting pertinent facts or policy provisions to “insureds or claimants.” Section 1(b) requires prompt communications with respect to “claims arising under insurance policies.” Section 1(d) obligates the company to affirm of deny coverage of “claims” within a reasonable period ...
A knowing violation of this article is a class 1 misdemeanor. Notwithstanding any other law, an insurer that wilfully violates this article may be fined not more than fifty thousand dollars or an individual who wilfully violates this article may be fined in his individual capacity not more than ten thousand dollars.
Nevada's version of the Unfair Claims Settlement Practices Act is unique. It grants first-party claimants a private right of action to enforce violations and allows recovery of damages arising therefrom.