NV AB376

Establishes a 4-year Regulatory Experimentation Program for Insurance Product Innovation allowing authorized insurers to test property insurance products with exemptions from certain Nevada Insurance Code provisions, with testing periods limited to 36 months plus one possible 12-month extension, and requires a Commissioner report to the Legislature by January 1, 2029.

Creates a flex-rated filing program enabling property insurers to obtain faster approval (within 15 days) for rate increases that fall below Commissioner-established thresholds, with a minimum overall rate impact threshold of 3 percent and restrictions preventing affected policyholders from experiencing multiple flex-rate increases within 12 months.

Authorizes insurers to exclude wildfire peril from property insurance policies and to issue standalone wildfire-only policies, either independently or in coordination with policies that exclude wildfire coverage.

Removes the prohibition on captive insurers providing homeowners' insurance, allowing association captive insurers to cover risks of homeowner associations and common-interest community unit owners, and permitting sponsored captive insurers to cover individual homeowners through protected cells.

Revises reserve requirements for reciprocal insurers, requiring unearned premium reserves of at least 50 percent of net written premiums with a minimum of $100,000 in reserves or acceptable securities.