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The NAII testified Feb. 14 in favor of Senate Bill 4 before the Nevada Senate Committee on Commerce and Labor. Under SB 4, an auto or homeowners insurer must file its rates with the insurance commissioner, but the company may use its rate changes immediately upon filing them. Current Nevada law has special rules that require the commissioner to review and approve rates before they are put into effect. According to the NAII, the bill protects consumers by preserving the current rating standards. In addition, it allows the commissioner to order the company to discontinue use of its rates and requires the commissioner to impose prior approval on the insurer’s new rates. SB 4 also requires the commissioner to monitor the auto and homeowners markets to ensure adequate competition. If there is a lack of competition in a market, prior approval is reinstated.