Nevada AB437 establishes the Fair Access to Insurance Requirements (FAIR) Plan to provide property and commercial property insurance coverage.
Nevada AB437 creates the Fair Access to Insurance Requirements (FAIR) Plan to offer property and commercial property insurance coverage when such coverage is not available from other insurers. The FAIR Plan is established by the FAIR Plan Association, a nonprofit entity, and administered by a Board of Directors. The Board must develop a plan of operation for the FAIR Plan, which is subject to approval by the Commissioner of Insurance. The FAIR Plan covers property insurance up to $750,000 and commercial property insurance up to $5,000,000.
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- Core Provisions
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- Critical Issues
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