To protect the rights of Nevada consumers in their experiences with the insurance industry and to ensure the financial solvency of insurers. In order to fulfill its mission, the division will advance a sound regulatory environment that is responsive to the insurance needs of Nevada.
Agency Operations Summary
The Insurance Division is charged with protecting the rights of the consumer and the public’s interest in dealing with the insurance industry and is responsible for regulating the insurance industry. It sets ethical and financial standards for insurance companies and review rates. The division responds to and assists consumers. It reviews insurance policies to ensure compliance with Nevada insurance laws and regulations. The division licenses insurance companies, insurance agents and producers. It makes sure insurance companies are solvent and have the ability to pay claims. It also makes sure companies follow through on the promises made to consumers through insurance policies. The division also reviews programs operated by self-insured employers for worker’s compensation.
The state of Nevada is part of the U.S. insurance regulatory framework which is a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace. Through the National Association of Insurance Commissioners (NAIC), U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.
Impact of the Insurance Industry
- The total premium dollar amount of all lines of insurance in Nevada is approximately $13 billion.
- In state fiscal year 2016, premium tax collections for the benefit of the General Fund equaled $299,446,771.
- In fiscal year 2016, the Division collected $31,251,963 in additional revenue from assessments, fines, and license and registration fees.
- There are 2,166 admitted carriers in Nevada. Of these, 184 are domiciled in Nevada, 133 of these companies are Captives.
- In 2011 and 2012, the Division participated on 46 financial examinations and 32 market conduct examinations of domestic and foreign insurers. During that same time period, 84 regulatory examinations of “non-traditional” insurers were conducted.
- During the last biennium 181 desk audits have been completed by the Division and transmitted to insurers for review, of which 123 have been accepted by insurers and transmitted to the Department of Taxation.
- The Division admitted 106 insurers (including 20 Captives) in 2012.
- 2,363 Resident Firms and 16,049 Resident Individuals
- 8,337 Non Resident Firms 91,179 Non Resident Individuals
- Total of 10,700 firms and 107,228 individuals (resident and non-resident)
- The Division received 42,934 new license applications and renewals in fiscal year 2012.
- During calendar year 2012, the Division of Insurance recovered $6.3 million for consumers and insurers in Nevada.
- For 2012, the Division of Insurance had more than 24,000 consumer contacts, and investigated more than 1,900 consumer complaints during 2012.
- The authorized Division staff count for FY 2012 is 85 employees, of which 10 are based in Las Vegas.