Nevada Administrative Code › Chapter 687B - Contracts of Insurance › CONTRACTS FOR LONG-TERM CARE › Section 687B.127 - Replacement of contract or certificate: Waiver of time applicable to preexisting conditions and probationary period; notice to existing insurer

Current through June 11, 2024
1. If a long-term care insurance contract or
			 certificate replaces another long-term care insurance contract or certificate,
			 the insurer replacing the long-term care insurance contract or certificate
			 shall waive any period of time applicable to preexisting conditions and
			 probationary periods in the new long-term care insurance contract or
			 certificate for similar benefits to the extent that similar periods have been
			 satisfied under the original long-term care insurance contract or
			 certificate.
2. Where replacement
			 of the long-term care insurance contract or certificate is intended, the
			 insurer replacing the long-term care insurance contract or certificate shall
			 notify, in writing, the existing insurer of the proposed replacement. The
			 insurer replacing the long-term care insurance contract or certificate shall
			 identify the existing long-term care insurance contract or certificate by the
			 name of the insurer, the name of the insured and either the number of the
			 long-term care insurance contract or certificate or the address of the insured,
			 including the zip code. The written notice must be given not less than 5
			 working days before the date the application is received by the insurer or the
			 date the long-term care insurance contract is issued, whichever is
			 sooner.
3. If a life insurance
			 policy that accelerates benefits for long-term care replaces the coverage of a
			 long-term care insurance contract, the insurer shall comply with the provisions
			 of NAC 687B.125 to 687B.140, inclusive. If a life insurance policy that
			 accelerates benefits for long-term care replaces the coverage of a life
			 insurance policy, the insurer shall comply with the replacement requirements of
			 NAC 686A.510 to 686A.570, inclusive. If a life insurance policy that
			 accelerates benefits for long-term care replaces another life insurance policy
			 that accelerates benefits for long-term care, the replacing insurer shall
			 comply with both NAC 686A.510 to 686A.570, inclusive, and NAC 687B.125 to
			 687B.140, inclusive.
4. If an
			 annuity contract that includes provisions for long-term care insurance replaces
			 the coverage of a long-term care insurance contract, the insurer or similar
			 organization shall comply with the provisions of NAC 687B.125 to 687B.140,
			 inclusive. If an annuity contract that includes provisions for long-term care
			 insurance replaces an annuity contract, the insurer or similar organization
			 shall comply with the replacement requirements of NAC 686A.560, 686A.573 and
			 686A.577. If an annuity contract that includes provisions for long-term care
			 insurance replaces another annuity contract that includes provisions for
			 long-term care insurance, the replacing insurer or similar organization shall
			 comply with NAC 686A.560, 686A.573, 686A.577 and 687B.125 to 687B.140,
			 inclusive.
Added to NAC by Comm'r of
				Insurance, eff. 12-15-94; A by R028-10, 12-16-2010, eff.
				10-1-2011
NRS
				  679B.130