All Roll Calls
Yes: 63 • No: 0
NevadaAB37683rd Regular Session (2025)HouseWALLET
AN ACT relating to insurance; requiring the Commissioner of Insurance to establish and administer the Regulatory Experimentation Program for Insurance Product Innovation; setting forth requirements for the operation of the Program; authorizing certain property insurers to file a proposed increase in a rate for certain lines of insurance through a program of flex-rated filing; revising requirements relating to insurance coverage for the peril of wildfire; revising certain requirements for reciprocal insurers; revising provisions relating to captive insurers; revising requirements relating to insurance coverage for common-interest communities; and providing other matters properly relating thereto.
Sponsored By: Sponsor information unavailable
Signed by Governor
BDR 57-1009
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 1 benefits, 0 costs, 4 mixed.
Wildfire coverage changes for homeowners and HOAs
Beginning January 1, 2026, insurers may exclude wildfire from standard property policies and sell a separate wildfire‑only policy. Any different wildfire definition needs the Commissioner’s approval. Starting July 1, 2025, associations must keep property insurance at least 80% of actual cash value when reasonably available and include units when reasonably available. That unit‑inclusion rule does not apply to association wildfire policies that coordinate with or subrogate owners’ separate wildfire coverage. Some owners may need a separate wildfire policy or face higher association premiums.
Stronger reserves for reciprocal insurers
Starting January 1, 2026, reciprocal insurers must keep an unearned premium reserve of at least 50% of net written premiums for policies up to one year, pro rata for longer terms. If that total is under $100,000, they must hold extra cash or securities to reach at least $100,000; the required bond counts toward the reserve. Laws are updated to reference this new reserve rule.
Faster path for property rate hikes
Starting January 1, 2026, insurers can file rate increases for property insurance under a faster flex‑rated process if they stay within limits. The Commissioner sets overall and individual change limits by June 1, 2026 with public input; the overall limit must be at least 3%. Flex filings cannot change supplementary rate info, and changes hit current customers only at renewal and not sooner than 45 days after filing. Insurers cannot use flex filings if a 12‑month lookback shows they would exceed limits or a policyholder already had a flex‑file increase in the last 12 months. The Commissioner has 15 days to object or the filing is deemed approved; these filings are under the state rate law.
Program to test new property insurance
Starting January 1, 2026, the Insurance Commissioner runs a program that lets approved insurers test new property insurance products. Products may be exempt from some insurance rules (but not chapters 679B or 686A) for up to 36 months, with one 12‑month extension. Insurers must give clear English and Spanish notices, get online acknowledgments, keep records, and report data breaches to the state. Program filings are confidential, and the Commissioner can remove a participant or order fixes to protect consumers. The program ends January 1, 2030 unless extended.
Captive insurance rules for associations
Starting July 1, 2025, homeowners and unit‑owners’ associations can be participants in sponsored captive insurers, with losses limited to each protected cell’s assets. The law also clarifies that captive insurers cannot directly sell personal auto or some homeowner coverages. An association captive may insure individual homeowners only if the captive is owned by the association. A sponsored captive may insure individual homeowners who choose to join a protected cell.
Sponsors & Cosponsors
Sponsors
There is no primary sponsor on record.
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 6/2/2025
Final Passage - Senate (2nd Reprint)
Yes: 21 • No: 0
House vote • 5/27/2025
Final Passage - Assembly (1st Reprint)
Yes: 42 • No: 0
Actions Timeline
Chapter 423.
6/9/2025legislatureApproved by the Governor.
6/9/2025legislatureEnrolled and delivered to Governor.
6/5/2025legislatureSenate Amendment No. 930 concurred in. To enrollment.
6/2/2025HouseIn Assembly.
6/2/2025HouseRead third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To Assembly.
6/2/2025SenateTaken from General File. Placed on General File for next legislative day.
6/1/2025SenateTaken from General File. Placed on General File for next legislative day.
5/31/2025SenateFrom printer. To re-engrossment. Re-engrossed. Second reprint.
5/31/2025SenateRead second time. Amended. (Amend. No. 930.) To printer.
5/30/2025SenatePlaced on Second Reading File.
5/30/2025SenateFrom committee: Amend, and do pass as amended.
5/30/2025SenateRead first time. Referred to Committee on Finance. To committee.
5/27/2025SenateIn Senate.
5/27/2025SenateRead third time. Passed, as amended. Title approved, as amended. (Yeas: 42, Nays: None.) To Senate.
5/27/2025HouseFrom printer. To engrossment. Engrossed. First reprint.
5/27/2025HouseRead third time. Amended. (Amend. No. 797.) To printer.
5/26/2025HousePlaced on General File.
5/26/2025HouseFrom committee: Amend, and do pass as amended.
5/26/2025HouseRereferred to Committee on Ways and Means. Exemption effective. To committee.
4/22/2025HouseTaken from General File.
4/22/2025HouseRead second time.
4/22/2025HouseAmendment No. 440 withdrawn.
4/22/2025HousePlaced on Second Reading File.
4/22/2025HouseFrom committee: Amend, and do pass as amended.
4/22/2025House
Bill Text
As Enrolled
As Introduced
Reprint 1
Reprint 2
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