Compliance with Regulation on Credit Personal Property Insurance

Bulletin No. 07-003 April 12, 2007 COMPLIANCE WITH REGULATION ON CREDIT PERSONAL PROPERTY INSURANCE On April 1, 2007, the Regulation R114-06, adopted by the Commissioner concerning credit personal property insurance, including guaranteed asset protection insurance, became effective. The regulation sets forth the following requirements: • All credit personal property insurers, including insurers of guaranteed asset protection insurance, must file their rates for review and approval by the Commissioner of Insurance (Commissioner). The Commissioner will consider rates that are not in excess of the rates set forth in sections 3 to 9 of Regulation R114-06 to be reasonable. • Any rates filed before April 1, 2007, are null and void effective on July 1, 2007, with no exceptions. Insurers that consider previously filed rates to be reasonable pursuant to Regulation R114-06 must comply with this regulation by resubmitting their rates for review and approval by the Commissioner. • Each insurer that writes credit personal property insurance, including guaranteed asset protection insurance, to any Nevada resident, must report annually its experience data to the Commissioner on a form prescribed by the Commissioner. The data provided will be used to determine whether the rates set forth in sections 3 to 9, inclusive, of Regulation R114-06 continue to be reasonable in relation to the benefits provided. The first annual report is due on or before July 1, 2008, and on or before July 1 of each year thereafter. t annually its experience data to the Commissioner on a form prescribed by the Commissioner. The data provided will be used to determine whether the rates set forth in sections 3 to 9, inclusive, of Regulation R114-06 continue to be reasonable in relation to the benefits provided. The first annual report is due on or before July 1, 2008, and on or before July 1 of each year thereafter. All insurers of credit personal property insurance, including guaranteed asset protection insurers, are requested to complete the attached contact information form and return the form to the Division of Insurance (Division) no later than June 15, 2007. The contact information will be used to assist Division staff to develop forms which insurers must use to report their annual experience data. __________________________________ ALICE A. MOLASKY-ARMAN Commissioner of Insurance -2- Please print legibly or type the requested information. The contacts provided below must be available to provide information to assist Division staff in the development of the forms that insurers must use to submit their annual experience data for credit personal property insurance, including guaranteed asset protection insurance. Return the contact information no later than June 15, 2007 to: Property & Casualty Section, Division of Insurance, 788 Fairview Drive, Suite 300, Carson City, Nevada 89701 de information to assist Division staff in the development of the forms that insurers must use to submit their annual experience data for credit personal property insurance, including guaranteed asset protection insurance. Return the contact information no later than June 15, 2007 to: Property & Casualty Section, Division of Insurance, 788 Fairview Drive, Suite 300, Carson City, Nevada 89701. Company Information Company Name Company Street Address 1 Company Street Address 2 Company City, State and Zip Code Business Unit Contact Information Person Responsible Responsible Person’s Title Responsible Person’s Department Name Responsible Person's Phone Responsible Person's E-Mail Information Technology Department Contact Information Person Responsible Responsible Person’s Title Responsible Person’s Department Name Responsible Person's Phone Responsible Person's E-Mail