reglab/housing_qa huggingface dataset:
NV Rev Stat § 688C.200 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.200 - Investigation of applicant and issuance of license; evidence of financial responsibility; provision of new or revised information to Commissioner.

  1. Upon the filing of an application and payment of all applicable fees, the Commissioner shall investigate the applicant, and issue a license if the Commissioner finds that the applicant:  (a) If a provider of viatical settlements, has set forth a detailed plan of operation;  (b) Is competent and trustworthy and intends to act in good faith in the capacity for which the license is sought;  (c) Has a good reputation in business and, if a natural person, has had experience, training or education which qualifies the applicant in that capacity;  (d) If an organization, provides a certificate of good standing from the state of its domicile; and  (e) If a provider or broker of viatical settlements:  (1) Has included a plan to prevent fraud which satisfies the requirements of NRS 688C.490; and  (2) Has demonstrated evidence of financial responsibility through either:  (I) A surety bond executed and issued by an authorized surety in favor of the State of Nevada, continuous in form and in an amount as determined by the Commissioner, of not less than $250,000; or  (II) A deposit of cash, certificates of deposit, securities or any combination thereof in the amount of $250,000.  2. The Commissioner shall not issue a license to a nonresident unless a written designation of an agent for service of process, or an irrevocable written consent to the commencement of an action against the applicant by service of process upon the Commissioner, accompanies the application.  3. A provider or broker of viatical settlements shall furnish to the Commissioner new or revised information concerning partners, members, officers, holders of more than 10 percent of its stock, and designated employees within 30 days after a change occurs.  4. Notwithstanding any provision of this section to the contrary, the Commissioner shall accept as evidence of financial responsibility proof that financial instruments complying with the requirements of this section have been filed with a state where the applicant is licensed as a provider or broker of viatical settlements.  5. A surety bond issued for the purposes of this section must specifically authorize recovery by the Commissioner on behalf of any person in this State who sustained damages as a result of:  (a) Erroneous acts;  (b) Failure to act; or  (c) Conviction of:  (1) Fraud; or  (2) Unfair practices,  by the provider or broker of viatical settlements.  6. The Commissioner may request evidence of financial responsibility as described in subparagraph (2) of paragraph (e) of subsection 1 at any time the Commissioner deems necessary.  (Added to NRS by 2001, 2169; A 2009, 1793; 2011, 3375)
NV Rev Stat § 688C.210 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.210 - Suspension, revocation or refusal of license; application for hearing.

  1. After notice, and after a hearing if requested, the Commissioner may suspend, revoke, refuse to issue or refuse to renew a license under this chapter if the Commissioner finds that:  (a) There was material misrepresentation in the application for the license;  (b) The licensee or an officer, partner, member or significant managerial employee has been convicted of fraudulent or dishonest practices, is subject to a final administrative action for disqualification, or is otherwise shown to be untrustworthy or incompetent;  (c) A provider of viatical settlements has engaged in a pattern of unreasonable payments to viators;  (d) The applicant or licensee has been found guilty or guilty but mentally ill of, or pleaded guilty, guilty but mentally ill or nolo contendere to, a felony or a misdemeanor involving fraud, forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or any crime involving moral turpitude, whether or not a judgment of conviction has been entered by the court;  (e) A provider of viatical settlements has entered into a viatical settlement in a form not approved pursuant to NRS 688C.220;  (f) A provider of viatical settlements has failed to honor obligations of a viatical settlement or an agreement to purchase a viatical settlement;  (g) The licensee no longer meets a requirement for initial licensure;  (h) A provider of viatical settlements has assigned, transferred or pledged a viaticated policy to a person other than another provider licensed under this chapter, a purchaser of the viatical settlement or a special organization;  (i) The applicant or licensee has provided materially untrue information to an insurer that issued a policy that is the subject of a viatical settlement;  (j) The applicant or licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS;  (k) The applicant or licensee has violated a provision of this chapter or other applicable provisions; or  (l) The applicant or licensee has acted in bad faith with regard to a viator.  2. A suspension imposed for grounds set forth in paragraph (k) or (l) of subsection 1 must not exceed a period of 12 months.  3. If the Commissioner takes action as described in subsection 1, the applicant or licensee may apply in writing for a hearing before the Commissioner to determine the reasonableness of the action taken by the Commissioner, pursuant to the provisions of NRS 679B.310 to 679B.370, inclusive.  (Added to NRS by 2001, 2169; A 2005, 1785; 2007, 1481; 2009, 1794; 2015, 2951)
NV Rev Stat § 688C.212 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.212 - Certain financial planners must be licensed as insurance consultants.

  1. A financial planner who, on behalf of a viator and for a fee, commission or other valuable consideration not paid by a provider or purchaser of viatical settlements, offers or attempts to negotiate a viatical settlement between the viator and one or more providers or brokers of viatical settlements must be licensed as an insurance consultant pursuant to NRS 683C.020.  2. As used in this section, "financial planner" means a person who for compensation advises others upon the investment of money or upon provision for income to be needed in the future, or who holds himself or herself out as qualified to perform either of these functions, but does not include:  (a) An attorney and counselor at law admitted by the Supreme Court of this State;  (b) A certified public accountant or a public accountant pursuant to NRS 628.190 to 628.310, inclusive;  (c) A broker-dealer or sales representative licensed pursuant to NRS 90.310 or exempt under NRS 90.320;  (d) An investment adviser licensed pursuant to NRS 90.330 or exempt under NRS 90.340; or  (e) A producer of insurance licensed pursuant to chapter 683A of NRS or an insurance consultant licensed pursuant to chapter 683C of NRS,  whose advice upon investment or provision of future income is incidental to the practice of his or her profession or business.  (Added to NRS by 2009, 1787; A 2017, 1797)
NV Rev Stat § 688C.213 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.213 - Probation of broker or investment agent of viatical settlements for acting in bad faith.

The Commissioner may place a broker or investment agent of viatical settlements on probation if the Commissioner finds that the broker or investment agent of viatical settlements has acted in bad faith with regard to a viator.  (Added to NRS by 2009, 1790)
NV Rev Stat § 688C.214 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.214 - Action against producer of life insurance for acting in bad faith.

  1. If the Commissioner finds that a producer of life insurance has violated a provision of this chapter or other applicable provisions or has acted in bad faith with regard to a viator, the Commissioner may:  (a) Refuse to:  (1) Issue a license to the producer of life insurance; or  (2) Renew a license of the producer of life insurance;  (b) Suspend the producer of life insurance for a period not to exceed 12 months; or  (c) Place the producer of life insurance on probation.  2. If the Commissioner takes action as described in paragraph (a), (b) or (c) of subsection 1, the producer of life insurance may apply in writing for a hearing before the Commissioner to determine the reasonableness of the action taken by the Commissioner, pursuant to the provisions of NRS 679B.310 to 679B.370, inclusive.  (Added to NRS by 2009, 1790)
NV Rev Stat § 688C.215 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.215 - License to operate as investment agent or broker not required for certain producers of insurance.

  1. A natural person who has been licensed for at least 1 year and who is in good standing as a resident or nonresident producer of insurance with a life insurance qualification is not required to be licensed as an investment agent or a broker of viatical settlements.  2. A licensed producer of insurance specified in subsection 1 must register with the Division not more than 30 days after first operating as an investment agent or a broker of viatical settlements, on a form prescribed by the Commissioner, and pay the fee for registration pursuant to NRS 680B.010. Failure to register within the required period or late payment of or failure to pay the fee may result in the imposition of an administrative fine of not more than $500.  3. A producer of insurance who acts as an investment agent or a broker of viatical settlements pursuant to subsection 1 shall comply with the provisions of NRS 688C.220 to 688C.250, inclusive, and 688C.310.  (Added to NRS by 2005, 2135; A 2009, 1795)
NV Rev Stat § 688C.220 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.220 - Filing and approval of forms; submission of advertising material.

A person shall not use a form of viatical settlement or of disclosure in this state unless the form has been filed with and approved by the Commissioner. The Commissioner shall disapprove such a form if, in the opinion of the Commissioner, the settlement or any of its terms is unreasonable, contrary to the interests of the public or otherwise misleading or unfair to the viator. The Commissioner may require the submission of advertising material before its use.  (Added to NRS by 2001, 2170)
NV Rev Stat § 688C.230 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.230 - Filing of annual statement; confidentiality of information; disclosure of identity of insured.

  1. Each licensee under this chapter shall file with the Commissioner on or before March 1 of each year an annual statement containing such information as the Commissioner prescribes by regulation. Pursuant to subsection 7 of NRS 679B.190, the Commissioner shall classify as confidential any information received pursuant to this subsection that is:  (a) Data of individual transactions in the business of viatical settlements; or  (b) Data that could compromise the privacy of personal, financial or health information of a viator or insured.  2. Except as allowed or required by a statute other than this chapter, a provider or broker of viatical settlements, an investment agent, an insurer, a producer of insurance, an information bureau, a rating agency or any other person knowing the identity of an insured shall not disclose that identity as an insured to any other person unless the disclosure is:  (a) Necessary to effect a viatical settlement between the viator and a provider of viatical settlements and the viator and the insured have given prior written consent to the disclosure;  (b) Necessary to effect an agreement for the purchase of a viatical settlement between the purchaser and a provider of viatical settlements, and the viator and the insured have given prior written consent to the disclosure;  (c) Furnished in response to an investigation or examination by the Commissioner or another governmental officer or agency;  (d) A term of or condition to the transfer of a policy by one provider of viatical settlements to another provider; or  (e) Necessary to permit a financing agent to finance the purchase of a policy by a provider of viatical settlements and the insured has given prior written consent to the disclosure.  (Added to NRS by 2001, 2170; A 2009, 1795)
NV Rev Stat § 688C.240 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.240 - Retention of records and documents.

  1. A person required to be licensed under this chapter shall retain for 5 years copies of all:  (a) Contracts, underwriting documents, forms of policy and applications, from the date of the proposal, offer or execution, whichever is latest;  (b) Checks, drafts and other evidence or documentation relating to the payment, transfer or release of money, from the date of the transaction; and  (c) Records and documents related to the requirements of this chapter.  2. This section does not relieve a person of the obligation to produce a document described in subsection 1 to the Commissioner after the expiration of the relevant period if the person has retained the document.  3. Records required by this section to be retained must be legible and complete. They may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.  (Added to NRS by 2001, 2171)
NV Rev Stat § 688C.242 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.242 - Viatical settlement investment agent: Representation of provider.

A viatical settlement investment agent is deemed to represent the provider of viatical settlements who appointed or contracted with the viatical settlement investment agent.  (Added to NRS by 2009, 1787)
NV Rev Stat § 688C.244 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.244 - Viatical settlement investment agent: Identity of or communication with viator or insured.

A viatical settlement investment agent shall not:  1. Have knowledge of the identity of; or  2. Communicate either directly or indirectly with,  a viator or an insured whose policy of insurance is the object of a viatical settlement for which the viatical settlement investment agent solicits or arranges for the funding for the purchase.  (Added to NRS by 2009, 1787)
NV Rev Stat § 688C.264 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.264 - Additional disclosure to purchaser of viatical settlement.

Not later than the date of assignment, transfer or sale of all or a portion of a viaticated policy, a provider of viatical settlements or a viatical settlement investment agent who contracted with or was appointed by the provider of viatical settlements shall provide a purchaser of a viatical settlement with the following disclosures:  1. All certifications relating to the life expectancy of the viator that were obtained by the provider of viatical settlements in the process of determining the price that was paid to the viator.  2. A statement as to whether premium payments or money for the payment of other costs related to the policy has been deposited in an escrow account.  3. If payments or money has been deposited in an escrow account, a statement of the date that the escrow account will be depleted and as to whether the purchaser of viatical settlements will be responsible for payment of premiums thereafter and, if so, a statement of the amount of the premiums.  4. A statement as to whether premiums or other costs related to the policy have been waived.  5. If premiums or other costs have been waived, a statement as to whether the purchaser will be responsible for payment of the premiums if the insurer that issued the policy terminates the waiver after the purchase, and a statement of the amount of the premiums.  6. The type of policy offered or sold, any additional benefits included with the policy and the status of the policy.  7. If the policy is term insurance, a statement of the additional risks associated with term insurance, including, without limitation, the purchaser’s responsibility for additional premiums if the viator renews the policy at the end of the term which is effective at the time of the purchase.  8. The period of contestability, if any, remaining under the policy.  9. A statement of rights held by the insurer that could negatively affect or extinguish the rights of the purchaser of viatical settlements and the conditions under which the rights can be exercised.  (Added to NRS by 2009, 1789)
NV Rev Stat § 688C.266 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.266 - Form of certain disclosures.

Disclosures made pursuant to NRS 688C.262 and 688C.264 must be printed conspicuously in at least 12-point type in any contract or in a separate document signed by the purchaser of viatical settlements and:  1. The provider of viatical settlements; or  2. The viatical settlement investment agent who contracted with or was appointed by the provider of viatical settlements.  (Added to NRS by 2009, 1789)
NV Rev Stat § 688C.268 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.268 - Disclosure to issuer of policy.

If a broker or provider of viatical settlements is a party to a plan, a transaction or a series of transactions to originate, renew or continue a policy of life insurance for the purpose of engaging in the business of viatical settlements before or during the first 5 years after the issuance of the policy, the broker or provider shall fully disclose the plan, transaction or transactions to the issuer of the policy.  (Added to NRS by 2009, 1789)
NV Rev Stat § 688C.270 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.270 - Prerequisites to entry by viator into settlement within 5 years after issuance of policy; submission of independent evidence or certification to insurer.

  1. A viator may not enter into a viatical settlement within 5 years after the issuance of the policy to which the settlement relates unless one or more of the following conditions is or has been satisfied:  (a) The policy was issued upon the owner’s exercise of a right of conversion arising out of a group policy if the total of the time covered under the policy plus the time covered under the group policy is at least 60 months. The time covered under the group policy must be calculated without regard to a change in insurance carriers if the coverage has been continuous.  (b) The viator or owner submits to the provider of viatical settlements independent evidence that within the 5-year period:  (1) The owner or insured has been diagnosed as terminally ill;  (2) The owner or insured has been diagnosed as chronically ill or has an illness or condition that is life-threatening or requires a course of treatment for at least 2 years, long-term care or health care at home, or any combination of these;  (3) The spouse of the owner or insured has died;  (4) The owner or insured has divorced his or her spouse;  (5) The owner or insured has retired from full-time employment;  (6) The owner or insured has become physically or mentally disabled and a physician determines that the disability precludes the owner or insured from maintaining full-time employment;  (7) A final judgment or order has been entered or issued by a court of competent jurisdiction, on the application of a creditor or owner of the insured, adjudging the owner or insured bankrupt or insolvent, or approving a petition for reorganization of the owner or insured or appointing a receiver, trustee or liquidator for all or a substantial part of the assets of the owner or insured; or  (8) The owner of the policy experiences a significant decrease in income which is unexpected by the owner and impairs the reasonable ability of the owner to pay the premium on the policy.  2. The independent evidence must be submitted to the insurer when the provider of viatical settlements submits a request to the insurer to effect transfer of the policy to the provider of viatical settlements. The insurer shall respond timely to the request. This section does not prohibit an insurer from exercising its right to contest a policy on the ground of fraud.  3. If a provider of viatical settlements submits to an insurer a copy of the owner’s or insured’s certification that one of the events described in paragraph (b) of subsection 1 has occurred, the certification conclusively establishes that the viatical settlement is valid, and the insurer shall timely respond to the provider’s request to effect a transfer of the policy.  (Added to NRS by 2001, 2173; A 2009, 1798)
NV Rev Stat § 688C.275 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.275 - Restrictions on business of broker of viatical settlements and provider of viatical settlements.

With respect to a viatical settlement or a policy of insurance:  1. A broker of viatical settlements shall not knowingly solicit an offer from, effectuate a viatical settlement with or make a sale to any provider, purchaser or investment agent of viatical settlements who:  (a) Controls;  (b) Is controlled by; or  (c) Is under common control with,  the broker of viatical settlements.  2. A provider of viatical settlements shall not knowingly enter into a viatical settlement with a viator if, in connection with that viatical settlement, anything of value will be paid to a broker of viatical settlements who controls, is controlled by or is under common control with a provider, purchaser or investment agent of viatical settlements who is involved in the viatical settlement.  (Added to NRS by 2009, 1790)
NV Rev Stat § 688C.280 (2021)
2021 Nevada Revised Statutes|Chapter 688C - Viatical Settlements|NRS 688C.280 - Acquisition of certain documents by provider or broker before entry into settlement; notice to issuer of policy; requests for verification of coverage.

  1. A provider of viatical settlements who enters into a settlement shall first obtain:  (a) If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a settlement;  (b) A witnessed document in which the viator:  (1) Consents to the viatical settlement;  (2) Represents that he or she has a full and complete understanding of the settlement and of the benefits of the policy;  (3) Acknowledges that he or she has entered into the settlement freely and voluntarily; and  (4) If applicable to determine a payment to a person terminally or chronically ill, acknowledges that he or she is terminally or chronically ill and that the illness was diagnosed after the policy was issued; and  (c) A document in which the insured consents to the release of his or her medical records to a provider or broker of viatical settlements and the insurer that issued the policy covering the insured.  2. Within 20 days after a viator executes documents necessary to transfer rights under a policy, or enters into an agreement in any form, express or implied, to viaticate the policy, the provider of viatical settlements shall give written notice to the issuer of the policy that the policy has or will become viaticated. The notice must be accompanied by:  (a) A copy of the release of medical records;  (b) The application for the viatical settlement; and  (c) A request for verification of coverage.  3. Any of the acts described in subsections 1 and 2, if performed by a broker of viatical settlements, will be deemed to have been performed by the provider of viatical settlements for the purposes of fulfilling the requirements of subsections 1 and 2.  4. Within 30 days after receiving a request for verification of coverage from a provider or broker of viatical settlements, an insurer shall respond by:  (a) Verifying coverage; and  (b) Indicating whether, on the basis of the medical evidence and documents provided, the insurer intends to pursue an investigation regarding the validity of the insurance or possible fraud.  (Added to NRS by 2001, 2172; A 2009, 1799)