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2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.281 - Qualified charitable-gift annuity: Definitions.

As used in NRS 688A.281 to 688A.285, inclusive, unless the context otherwise requires:
1. "Charitable-gift annuity" means an annuity payable over one or two lives issued by a charitable organization in return for a transfer of money or property by the donor, if the actuarial value of the annuity is less than the value of the money or property transferred and a deduction as a charitable contribution is allowable for purposes of federal taxes.
2. "Charitable organization" means an artificial person described as such in section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), or section 170(c) of the Internal Revenue Code of 1986, 26 U.S.C. § 170(c).
3. "Qualified charitable-gift annuity" means a charitable-gift annuity described in section 501(m)(5) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(m)(5), and section 514(c)(5) of the Internal Revenue Code of 1986, 26 U.S.C. § 514(c)(5), which is issued by a charitable organization that on the date of issuance:
(a) Owns at least $300,000 worth of money, cash equivalents or publicly traded securities, exclusive of the amount transferred to it in return for the annuity; and
(b) Has operated continuously for at least 3 years or is a successor or affiliate of a charitable organization that has operated continuously for at least 3 years.
The term does not include an annuity for which any person is paid compensation that is contingent upon the issuance of the annuity or based upon the value of the annuity other than a payment for reinsurance to an insurer licensed to issue insurance in this state.
(Added to NRS by 1999, 1950)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.282 - Qualified charitable-gift annuity: Issuance does not constitute transacting insurance.

The issuance of a qualified charitable-gift annuity does not constitute transacting insurance in this state. A charitable-gift annuity issued before October 1, 1999, is a qualified charitable-gift annuity for the purposes of NRS 688A.281 to 688A.285, inclusive.
(Added to NRS by 1999, 1951)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.283 - Qualified charitable-gift annuity: Contents and form of required disclosure.

In an agreement to issue a qualified charitable-gift annuity, the charitable organization shall disclose in writing to the donor that the annuity is not insurance under the laws of this state, is not subject to regulation by the Commissioner and is not protected by an insurance guaranty association. The disclosure must be made in a separate paragraph and may not be in a size of type smaller than used generally in the agreement.
(Added to NRS by 1999, 1951)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.284 - Qualified charitable-gift annuity: Required notice to Commissioner; contents of notice; further information.

1. A charitable organization that issues qualified charitable-gift annuities shall notify the Commissioner in writing on or before December 30, 1999, or the expiration of 90 days after it first enters into an agreement to issue a qualified charitable-gift annuity, whichever is later. The notice must:
(a) Be signed by an officer or director of the organization;
(b) Identify the organization; and
(c) Certify that the organization is a charitable organization and that the annuities are qualified charitable-gift annuities.
2. Unless the Commissioner demands information to determine the amount of a penalty pursuant to NRS 688A.285, the organization need submit no other information.
(Added to NRS by 1999, 1951)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.285 - Qualified charitable-gift annuity: Effect of noncompliance; penalties.

1. Failure of a charitable organization to comply with the requirements of NRS 688A.283 or 688A.284 for disclosure or notice, or both, does not disqualify an annuity that otherwise constitutes a qualified charitable-gift annuity.
2. The Commissioner may demand, by certified mail with return receipt requested, that the organization comply with those requirements, and may impose a fine of not more than $1,000 for each charitable-gift annuity issued before compliance is complete.
(Added to NRS by 1999, 1951)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.300 - Cash surrender value: Basic calculations.

1. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by NRS 688A.290, must be an amount not less than the excess, if any, of the present value, on that anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:
(a) The then present value of the adjusted premiums, as defined in NRS 688A.320 to 688A.340, inclusive, corresponding to premiums which would have fallen due on and after such anniversary; and
(b) The amount of any indebtedness to the insurer on the policy.
2. For any policy issued on or after the operative date of NRS 688A.325 which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection 1 of this section must be an amount not less than the sum of the cash surrender value for an otherwise similar policy issued at the same age without a rider or supplemental policy provision and the cash surrender value for a policy which provides only the benefits otherwise provided by a rider or supplemental policy provision.
3. For any family policy issued on or after the operative date of NRS 688A.325 which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse reaches age 71, the cash surrender value referred to in subsection 1 must be an amount not less than the sum of the cash surrender value for an otherwise similar policy issued at the same age without term insurance on the life of the spouse and the cash surrender value for a policy which provides only the benefits otherwise provided by term insurance on the life of the spouse.
4. Any cash surrender value available within 30 days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by NRS 688A.290, must be an amount not less than the present value, on that anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.
(Added to NRS by 1971, 1736; A 1983, 952)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.310 - Paid-up nonforfeiture benefit.

Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must be such that its present value as of the anniversary is at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by NRS 688A.290 to 688A.360, inclusive, in the absence of the condition that premiums must have been paid for at least a specified period.
(Added to NRS by 1971, 1737; A 1983, 953)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.315 - Review of benefits and premiums for life insurance with future premium determination.

In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in NRS 688A.290 to 688A.340, inclusive:
1. The Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by NRS 688A.290 to 688A.340, inclusive;
2. The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and
3. The cash surrender values and paid-up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of the Standard Nonforfeiture Law for Life Insurance, as determined by regulations adopted by the Commissioner.
(Added to NRS by 1983, 948)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.330 - Basis for calculating adjusted premiums on industrial insurance; applicability of section.

1. In the case of industrial policies issued on or after the operative date of this section, as provided in subsection 2, all adjusted premiums and present values referred to in NRS 688A.290 to 688A.360, inclusive, must be calculated on the basis of the Commissioners 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits, but that rate of interest must not exceed 3.5 percent per annum, or 4 percent per annum for policies issued on or after July 1, 1973, and before July 1, 1977, and a rate of interest not exceeding 5.5 percent per annum may be used for policies issued on or after July 1, 1977, other than single premium whole life or endowment insurance policies, and for the latter policies a rate of interest not exceeding 6.5 percent per annum may be used, except that:
(a) In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1961 Industrial Extended Term Insurance Table.
(b) For insurance issued on a substandard basis or a special underwriting basis, the calculations of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the Commissioner.
2. After July 1, 1963, any insurer may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1968. After the filing of a notice, upon the specified date, this section is operative with respect to the industrial policies thereafter issued by the insurer. If an insurer makes no such election, the operative date of this section for the insurer is January 1, 1968.
3. This section does not apply to policies issued on or after the operative date of NRS 688A.325.
(Added to NRS by 1971, 1738; A 1973, 723; 1977, 691; 1983, 954; 1995, 1627)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.340 - Basis for calculating adjusted premiums and present values on ordinary policies issued after operative date of this section; election to come under this section; operative date of this section as to insurer failing to make election.

1. In the case of ordinary policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in NRS 688A.290 to 688A.360, inclusive, must be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits, but the rate of interest must not exceed 3.5 percent per annum, or 4 percent per annum for policies issued on or after July 1, 1973, and before July 1, 1977, and a rate of interest not exceeding 5.5 percent per annum may be used for policies issued on or after July 1, 1977, other than single premium whole life or endowment insurance policies, and for the latter policies a rate of interest not exceeding 6.5 percent per annum may be used, except that:
(a) For any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than 6 years younger than the actual age of the insured.
(b) In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1958 Extended Term Insurance Table.
(c) The calculation of adjusted premiums and present values for insurance issued on a substandard basis may be based on such other table of mortality as may be specified by the insurer and approved by the Commissioner.
2. Any insurer may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1966. After the filing of the notice, this section becomes operative upon the specified date with respect to the ordinary policies thereafter issued by the insurer.
3. If an insurer makes no such election, the operative date of this section for the insurer is January 1, 1966.
4. This section does not apply to ordinary policies issued on or after the operative date of NRS 688A.325.
(Added to NRS by 1971, 1739; A 1973, 723; 1977, 692; 1983, 955)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.350 - Calculation of cash surrender value and paid-up nonforfeiture benefit.

1. Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, must be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.
2. All values referred to in NRS 688A.300 to 688A.340, inclusive, may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death.
3. The net value of any paid-up additions, other than paid-up term additions, must not be less than the amounts used to provide the additions.
4. Notwithstanding the provisions of NRS 688A.300, additional benefits payable:
(a) In the event of death or dismemberment by accident or accidental means;
(b) In the event of total and permanent disability;
(c) As reversionary annuity or deferred reversionary annuity benefits;
(d) As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, NRS 688A.290 to 688A.360, inclusive, would not apply;
(e) As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child’s age is 26, is uniform in amount after the child’s age is 1, and has not become paid up by reason of the death of a parent of the child;
(f) As other policy benefits additional to life insurance and endowment benefits; and
(g) Premiums for all such additional benefits,
must be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by NRS 688A.290 to 688A.360, inclusive, and no such additional benefits may be required to be included in any paid-up nonforfeiture benefits.
(Added to NRS by 1971, 1740; A 1983, 956)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.360 - Insurance to which NRS 688A.290 to 688A.360, inclusive, not applicable.

NRS 688A.290 to 688A.360, inclusive, do not apply to any:
1. Reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract.
2. Term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or the renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy.
3. Term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits on which each adjusted premium, calculated as specified in NRS 688A.320 to 688A.340, inclusive, is less than the adjusted premium, calculated in the same manner, on a term policy of uniform amount, or a renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less, expiring before age 71, for which uniform premiums are payable during the entire term of the policy.
4. Policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in NRS 688A.300 to 688A.340, inclusive, exceeds 2.5 percent of the amount of insurance at the beginning of the same policy year.
5. Policy which is delivered outside this state by an agent or other representative of the company issuing the policy.
For purposes of determining whether NRS 688A.290 to 688A.360, inclusive, apply, the age at expiration for a joint term policy of life insurance is the age of the oldest person at the time of expiration.
(Added to NRS by 1971, 1740; A 1983, 957)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.361 - Nonforfeiture provisions required in annuity contracts.

No contract of annuity may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the Commissioner are at least as favorable to the contract holder:
1. A statement that upon cessation of payment of considerations under a contract, or upon receipt of a written request submitted by an owner of a contract, the company will grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in NRS 688A.3631 to 688A.3637, inclusive, and 688A.366;
2. If a contract provides for a lump-sum settlement at maturity or any other time, a statement that upon surrender of the contract at or before the commencement of any annuity payments, the company will pay in lieu of any paid-up annuity benefit a cash surrender benefit of an amount specified in NRS 688A.3631, 688A.3633, 688A.3637 and 688A.366, and that the company may reserve the right to defer the payment of such cash surrender benefit for a period of not more than 6 months after demand therefor with surrender of the contract if the company submits a written request to and receives written approval for the deferral from the Commissioner. The request must address the necessity and equitability to all policyholders of the deferral;
3. A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender or death benefits which are guaranteed under the contract, together with sufficient information to determine the amounts of those benefits; and
4. A statement that any paid-up annuity, cash surrender or death benefits which may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which such benefits are altered by the existence of any additional amounts credited by the company to the contract, any indebtedness to the company on the contract or any prior withdrawals from or partial surrenders of the contract,
except that any deferred annuity contract may provide that if no considerations have been received under a contract for a period of 2 full years, and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid before that period would be less than $20 monthly, the company may terminate the contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under the contract.
(Added to NRS by 1977, 688; A 1979, 86; 2003, 3315)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.363 - Minimum nonforfeiture amounts.

1. The minimum values, specified in NRS 688A.3631 to 688A.3637, inclusive, and 688A.366, of any paid-up annuity, cash surrender or death benefits available under an annuity contract must be based upon minimum nonforfeiture amounts as defined in this section.
2. The minimum nonforfeiture amount for any time at or before the commencement of any annuity payments is equal to an accumulation of 87.5 percent of the gross considerations up to such time at a rate of interest calculated pursuant to subsection 3, which must be decreased by the sum of:
(a) Any prior withdrawals from or partial surrenders of the contract, accumulated at a rate of interest calculated pursuant to subsection 3;
(b) An annual charge in the amount of $50, accumulated at rates of interest calculated pursuant to subsection 3;
(c) Any premium tax paid by the company for the contract, accumulated at rates of interest calculated pursuant to subsection 3; and
(d) The amount of any indebtedness to the company on the contract, including interest due and accrued.
3. For the purpose of this section, the rate of interest used to determine the minimum nonforfeiture amounts must be an annual rate of interest determined as the lesser of 3 percent per annum or a rate specified in the contract if the rate is calculated in accordance with regulations adopted by the Commissioner, except that at no time may the resulting rate be less than 0.15 percent per annum.
4. The Commissioner may provide by regulation for further adjustments to the calculation of minimum nonforfeiture amounts for contracts that provide substantive participation in an equity index benefit or for other contracts that the Commissioner determines require adjustment. An adjustment to the calculation of the interest rate used to determine the minimum nonforfeiture amounts authorized under this subsection may not result in an interest rate of less than 0.15 percent per annum.
(Added to NRS by 1977, 688; A 2003, 3316; 2011, 3373; 2023, 2636)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.3631 - Value of paid-up annuity benefits when benefit payments to commence.

Any paid-up annuity benefit available under a contract shall be such that its present value on the date when the annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed by using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
(Added to NRS by 1977, 689)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.3633 - Value of cash surrender and death benefits before maturity.

1. For contracts which provide cash surrender benefits, such benefits available before maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid before the time of cash surrender, reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate of not more than 1 percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. Any cash surrender benefit shall not be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
2. For annuity contracts issued on or after January 1, 2012, that provide cash surrender benefits:
(a) The cash surrender value on or past the maturity date must be equal to the amount used to determine the annuity benefits;
(b) A surrender charge may not be imposed on or past the maturity date of the annuity contract; and
(c) For annuity contracts with one or more renewable guaranteed periods, a new surrender charge schedule may be imposed for each new guaranteed period if:
(1) The surrender charge is zero at the end of each guaranteed period and remains zero for at least 30 days;
(2) The contract provides for continuation of the contract without surrender charges unless the contract holder specifically elects a new guaranteed period with a new surrender charge schedule; and
(3) The renewal period does not exceed 10 years and the maturity date complies with NRS 688A.3637.
3. An annuity contract that provides for flexible considerations may have separate surrender charge schedules associated with each consideration.
(Added to NRS by 1977, 689; A 2011, 3374)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.3635 - Value of paid-up annuity benefits before maturity for contracts not providing cash surrender or death benefits.

For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time before maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid before the time when the contract is surrendered in exchange for or changed to a deferred paid-up annuity, such present value being calculated for the period before the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits before the commencement of any annuity payments, the present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. The present value of a paid-up annuity benefit shall not be less than the minimum nonforfeiture amount at that time.
(Added to NRS by 1977, 690)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.3637 - Maturity date.

1. For the purpose of determining the benefits calculated under NRS 688A.3633 and 688A.3635:
(a) In the case of annuity contracts issued before January 1, 2012, under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election is permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant’s 70th birthday or the 10th anniversary of the contract, whichever is later.
(b) In the case of annuity contracts issued on or after January 1, 2012, the maturity date shall be deemed to be the latest date permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant’s 70th birthday or the 10th anniversary of the contract, whichever is later.
2. For the purpose of determining the maturity date under this section for an annuity contract that provides for flexible considerations, the 10th anniversary of the contract is determined separately for each consideration.
(Added to NRS by 1977, 690; A 2011, 3375)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.364 - Statement that policy does not provide cash surrender benefits or death benefits equal to nonforfeiture amount.

Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount before the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.
(Added to NRS by 1977, 690)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.366 - Calculation of benefits available at time other than contract anniversary.

Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
(Added to NRS by 1977, 690)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.367 - Minimum nonforfeiture benefits for contracts providing both annuity and life insurance benefits.

For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits which are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Any additional benefits payable:
1. In the event of total and permanent disability;
2. As reversionary annuity or deferred reversionary annuity benefits; or
3. As other policy benefits additional to life insurance, endowment and annuity benefits,
and considerations for all such additional benefits shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits which may be required by NRS 688A.361 to 688A.369, inclusive. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.
(Added to NRS by 1977, 690)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.369 - Insurance to which NRS 688A.361 to 688A.369, inclusive, not applicable.

NRS 688A.361 to 688A.369, inclusive, do not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship), by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, deferred annuity contract after annuity payments have commenced, contingent deferred annuity, reversionary annuity or to any contract which will be delivered outside this state through an agent or other representative of the company issuing the contract.
(Added to NRS by 1977, 687; A 2023, 2637)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.370 - Reinstatement; benefits for disability or accidental death.

1. A reinstated policy of life insurance or an annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
2. When any life insurance policy or annuity contract is reinstated such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued, and such exclusion or restriction shall be effective from the date of reinstatement.
3. After 3 years from the date of issue of a life insurance policy or of a supplemental contract thereto providing total and permanent disability benefits or additional benefits in the event of death by accident or accidental means, no misstatements, except fraudulent misstatements, made by the applicant in the application for the policy shall be used to deny a claim for such total and permanent disability commencing, or for such additional benefits in the event of death by accident or accidental means occurring, after the expiration of such 3-year period. This subsection shall not be so construed as to preclude the assertion at any time of defenses based upon provisions with respect to such benefits which exclude or restrict coverage.
(Added to NRS by 1971, 1741)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.380 - Participating and nonparticipating policies: Accounting; allocations; dividends.

1. A life insurer issuing both participating and nonparticipating policies shall maintain such accounting records as are necessary for it to determine dividends to participating policyholders on an equitable basis.
2. For the purposes of such accounting records the insurer shall make a reasonable allocation between participating and nonparticipating policies of the expenses of such general operations or functions as are jointly shared. Any allocation of expense between the respective categories shall be made upon a reasonable basis, to the end that each category shall bear a just portion of joint expense involved in the administration of the business of such category.
3. No policy after January 1, 1972, shall provide for, and no life insurer or representative shall, after January 1, 1972, knowingly offer or promise payment, credit or distribution of participating "dividends," "earnings," "profits" or "savings," by whatever name called, to participating policies out of such profits, earnings or savings on nonparticipating policies. This subsection does not restrict the generality of NRS 686A.110 (rebates).
(Added to NRS by 1971, 1741)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.410 - Payment of life insurance proceeds; interest.

An insurer shall pay the proceeds of any benefits under a policy of life insurance not more than 30 days after the death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on the proceeds, at a rate which is not less than the current rate of interest on death proceeds on deposit with the insurer, from the date of death of the insured to the date when the proceeds are paid.
(Added to NRS by 1977, 626)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.430 - Delivery of group annuity to group formed to purchase annuity prohibited.

No group annuity may be delivered or issued for delivery in this state to a group which was principally formed for the purpose of purchasing one or more group annuities.
(Added to NRS by 1985, 1059)
2023 Nevada Revised Statutes › Chapter 688A - Life Insurance and Annuity Contracts › NRS 688A.440 - Incorporation of long-term care insurance into annuity or policy of life insurance.

1. An annuity or policy of life insurance may incorporate long-term care insurance if:
(a) The long-term care insurance incorporated into the annuity or policy of life insurance complies with regulations adopted by the Commissioner.
(b) The Commissioner approves the incorporation of long-term care insurance into the annuity or policy of life insurance.
2. The Commissioner shall adopt regulations that define "long-term care insurance" for the purposes of this section.
(Added to NRS by 2011, 3372)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.010 - Short title; scope.

1. This chapter may be known and cited as the Group Life Insurance Law.
2. This chapter applies only to group life insurance and wholesale life insurance.
3. This chapter does not apply to any group life insurance contract entered into or issued prior to January 1, 1972, or to any extensions, renewals or modifications thereof or amendments thereto whenever made.
(Added to NRS by 1971, 1746)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.020 - "Wholesale life insurance" defined.

1. As used in this Code, "wholesale life insurance" is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, issued to:
(a) Three or more employees of any corporation, copartnership or individual employer or any governmental corporation, agency or department thereof; or
(b) Ten or more members, employees or employees of members of any trade or professional association, or of a labor union, or of any association of members in the same or related occupations, profession or industry having had an active existence for at least 2 years, where such association or union has a constitution or bylaws and is formed in good faith for purposes other than that of obtaining insurance,
where such persons, with or without their dependents are issued the same form of an individual policy on the plan, varying only as to amounts of coverage applied for by such persons and under an arrangement whereby the premiums on such policies may be paid to the insurer periodically by the employer, with or without payroll deductions, or by the insured or association or union for its members, or by some designated person acting on behalf of such employer, association or union. The term "employees" as used in this section shall be deemed to include the officers, managers, employees and retired employees of the employer and the individual proprietor or partners if the employer is an individual or partnership.
2. Each policy issued under this section shall provide that the coverage shall terminate when the insured individual no longer qualifies for such policy under this section; but the policy may provide that it may be continued in force or be replaced with another policy if the premium, benefits and other relevant factors of the continued or replacement policy are the same as those of a similar individual policy not issued under or pursuant to this section.
(Added to NRS by 1971, 1746)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.030 - Group life insurance prohibited unless approved by Commissioner; exempt policies; exclusion or limitation of coverage; applicability.

1. Except as otherwise provided in this section, no policy of group life insurance may be delivered or issued for delivery in this State to a group which was formed for the purpose of purchasing one or more policies of group life insurance.
2. A policy of group life insurance may be delivered to a group described in subsection 1 if the Commissioner approves the issuance. The Commissioner must not grant approval unless the Commissioner finds that:
(a) The benefits of the policy are reasonable in relation to the premiums charged; and
(b) The group to which the policy is issued is organized and operated in a fiscally sound manner.
3. The provisions of subsection 1 do not apply to a policy of group life insurance which is delivered or issued for delivery in this State to a group whose members:
(a) Are related by blood, marriage or legal adoption;
(b) Have a common interest through ownership of a business enterprise or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(c) Otherwise have an insurable interest in each other’s lives.
4. An insurer may exclude or limit the coverage in a policy issued pursuant to this section of any person as to whom evidence of insurability is not satisfactory to the insurer.
5. The provisions of this section apply to the offering in this State of a policy issued in another state.
(Added to NRS by 1971, 1747; A 1987, 118)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.040 - Provisions required in policy.

No policy of group life insurance shall be delivered in this State unless it contains in substance the provisions set forth in NRS 688B.040 to 688B.150, inclusive, or provisions which in the opinion of the Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except:
1. NRS 688B.100 to 688B.140, inclusive, do not apply to policies issued to a creditor to insure debtors of such creditor;
2. The standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
3. If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the Commissioner is or are equitable to the insured persons and to the policyholder; but nothing in this subsection shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
(Added to NRS by 1971, 1747)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.050 - Grace period.

The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder has given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.
(Added to NRS by 1971, 1747)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.060 - Incontestability.

The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for 2 years from its date of issue; and that no statement made by any person insured under the policy relating to the insurability of the person shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of 2 years during such person’s lifetime nor unless it is contained in a written instrument signed by the person.
(Added to NRS by 1971, 1748)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.070 - Additional provisions required in policy.

The group life insurance policy shall contain a provision:
1. That a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract;
2. That all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties; and
3. That no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to such person or to the beneficiary of the person.
(Added to NRS by 1971, 1748)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.080 - Insurability.

The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of the coverage of the person.
(Added to NRS by 1971, 1748)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.090 - Misstatement of age.

The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or both to be made if the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used.
(Added to NRS by 1971, 1748)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.100 - Payment of benefits.

The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provision of the policy if there is no designated beneficiary, as to all or any part of such sum, living at the death of the person insured, and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of such sum not exceeding $500 to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
(Added to NRS by 1971, 1748)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.110 - Certificate: Provision to policyholder required; filing with Commissioner required for policies made under laws of another state in certain circumstances.

1. The group life policy shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured a certificate setting forth a statement in summary form of the essential features of the insurance coverage of such employee or member, to whom benefits thereunder are payable, and the rights and conditions set forth in NRS 688B.120, 688B.130 and 688B.140. If dependents are included in the coverage, only one statement need be issued for each family unit.
2. The Commissioner may, in the discretion of the Commissioner, require the form of each such certificate proposed to be delivered in this state under a group policy not made under the laws of this state, to be filed with the Commissioner by the insurer for informational purposes only.
(Added to NRS by 1971, 1749)
2023 Nevada Revised Statutes › Chapter 688B - Group Life Insurance › NRS 688B.120 - Conversion on termination of eligibility.

The group life insurance policy shall contain a provision that if the insurance on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be entitled to have issued to him or her by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits, provided application for the individual policy shall be made, and the first premium paid to the insurer, within 31 days after such termination, and provided further that:
1. The individual policy shall, at the option of such person, be on any one of the forms, except term insurance, then customarily issued by the insurer at the age and for the amount applied for;
2. The individual policy shall be in an amount not in excess of the amount of life insurance which ceases because of such termination less the amount of any life insurance for which such person is or becomes eligible under the same or any other group policy within 31 days after such termination, but any amount of insurance which has matured on or before the date of such termination as an endowment payable to the person insured, whether in one sum or in installments or in the form of an annuity, shall not, for the purposes of this section, be included in the amount which is considered to cease because of such termination; and
3. The premium on the individual policy shall be at the insurer’s then customary rate applicable to the form and amount of the individual policy, to the class of risk to which such person then belongs, and to the age of the person attained on the effective date of the individual policy.
(Added to NRS by 1971, 1749)