Solvency: The Ultimate Consumer Protection Reprint

KipperWith health care reform at the forefront of national debate lately, the Division of Insurance has been receiving numerous inquiries regarding the how, what and why of rate approvals for health insurance policies.

These questions are important to ask, and, as public servants, we are happy to continue to be a valuable resource on this topic. But I would also like to take a moment here on our Web site to shed some light on not just our recent review of rate approval requests, but the concept at the core of everything we do at the Division of Insurance: consumer protection.

Included in the Division's mission are our duties to protect the rights of Nevada insurance consumers and to ensure the financial solvency of insurers. What many people don't realize, however, is that these concepts go hand in hand.

When we approve an insurance company's rate adjustment requests, we take great care to make sure those rates are within the scope needed for that company to stay financially healthy, so it can continue to make good on its promises to consumers -- not just in the immediate future, but for years to come. Our highly skilled staff closely reviews all requests for rate changes so that companies will remain solvent and insurance will remain available and accessible for all Nevadans. We provide efficient and responsive regulation that encourages the competition necessary for consumers to have choices when shopping for all lines of insurance.

Currently we have more than 2,000 insurance companies licensed to do business in Nevada, and we are very proud of that fact. Insurance is an ever-evolving, growing and changing industry, and one about which we are very knowledgeable and passionate about. And we are always happy to share that knowledge and passion with you. We're here for you.

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