December 5, 2013
On October 22, 2013, the Division of Insurance (“Division”) issued Bulletin 13-008 to notify insurers that, effective October 1, 2013, Nevada law mandates all contracts that require a party to submit to arbitration for disputes under the contract must include specific authorization from the person agreeing to the contract in order for the arbitration clause to be valid, enforceable, and irrevocable. Nev. Rev. Stat. §§ 38.219, 597.995 (2013). Bulletin 13-008 also served to set forth related filing requirements of the Division in relation to this new law. The Division has received additional inquiries about the specific authorization.