What must member insurers of the Nevada Insurance Guaranty Association do?

Member insurers of the Nevada Insurance Guaranty Association are required to maintain membership in order to transact insurance business in Nevada. This requirement ensures that insurers can participate in the protection offered by the association, which provides coverage for policyholders of insurers that become insolvent. By maintaining membership, insurers contribute to the stability of the insurance market and help safeguard consumers by ensuring that they have access to insurance products and are protected in the event of an insurer's failure.

The need for membership is rooted in the principle of mutual protection within the insurance industry; it ensures that all insurers operating in the state are held to a standard that supports consumers and prevents disruptions in their insurance coverage.