Recent legislative developments in Nevada could significantly impact the state's professional liability insurance market. According to a report titled "RIMS Legislative Review: Exploring Nevada’s 'Defense Within Limits' Laws," authored by Katherine J. Henry of the RIMS Public Policy Committee and supported by Aaron Campbell, the legislation aims to eliminate "defense within limits" insurance coverage.
The report identifies three major challenges if these provisions are removed from commercial insurance policies. These include increased insurance costs affecting consumers, potential withdrawal of insurers from the state due to legal cost uncertainties, and compliance issues for businesses operating nationwide.
The report is initially available exclusively to RIMS members for 60 days before being accessible to the broader risk community. It can be downloaded from the RIMS Risk Knowledge library.
RIMS will host its Legislative Summit on March 19-20, 2025, in Washington, DC. The event will feature educational sessions on legislative issues affecting risk management and strategies for effective lobbying. Attendees will also meet with elected officials to discuss current and future legislation.
The RIMS Public Policy Committee supports risk management by analyzing legislative issues and recommending policies. Additionally, RISK PAC, RIMS' political action committee, allows members to support campaigns of U.S. officials aligned with RIMS priorities.
RIMS is a global organization representing over 3,500 entities worldwide and serves more than 200,000 risk practitioners through networking, development opportunities, and advocacy efforts.