reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.373 - "2001 CSO Mortality Table" defined

Current through June 11, 2024
1. "2001 CSO
						Mortality Table" means the mortality table, consisting of separate rates of
						mortality for male and female lives, developed by the CSO Task Force of the
						American Academy of Actuaries from the 2001 Valuation Basic Mortality Table
						developed by the Individual Life Insurance Valuation Mortality Task Force of
						the Society of Actuaries and adopted by the National Association of Insurance
						Commissioners in December 2002. The 2001 CSO Mortality Table is set forth in
						the Proceedings of the NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO
						Preferred Class Structure Mortality Table.
2. Unless the context otherwise requires, the
						2001 CSO Mortality Table includes both the ultimate form of that table and the
						select and ultimate form of that table, both the smoker and nonsmoker mortality
						tables and the composite mortality tables. It also includes both the
						age-nearest-birthday and age-last-birthday bases of the mortality tables. The
						mortality tables in the 2001 CSO Mortality Table include:
(a) A table which consists of the rates of
						mortality for female lives from the 2001 CSO Mortality Table;
(b) A table which consists of the rates of
						mortality for male lives from the 2001 CSO Mortality Table;
(c) Composite mortality tables, which consist
						of rates of mortality that do not distinguish between smokers and nonsmokers;
						and
(d) Smoker and nonsmoker
						mortality tables, which consist of separate rates of mortality for smokers and
						nonsmokers.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.375 - "CSO" defined

Current through June 11, 2024
"CSO" means Commissioners Standard Ordinary.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009
NRS
								679B.130,
								689.720
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.380 - "Preneed insurance" defined

Current through June 11, 2024
"Preneed insurance" means a policy or contract of life
							insurance which is approved by the Commissioner as preneed insurance and used
							solely to fund a prepaid contract.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009
NRS
								679B.130,
								689.720
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.383 - "Prepaid contract" defined

Current through June 11, 2024
"Prepaid contract" has the meaning ascribed to it in
							NRS
							689.475.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009
NRS
								679B.130,
								689.720
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.385 - "Ultimate 1980 CSO Mortality Table" defined

Current through June 11, 2024
"Ultimate 1980 CSO Mortality Table" means the 1980 CSO
							Mortality Table, without the Ten-Year Select Mortality Factors, incorporated
							into the 1980 amendments to the Standard Valuation Law approved by the National
							Association of Insurance Commissioners in December 1983. A copy of the Ultimate
							1980 CSO Mortality Table may be obtained from the Research Library of the
							National Association of Insurance Commissioners, 1100 Walnut Street, Suite
							1500, Kansas City, Missouri 64106-2197 or by telephone at (816) 783-8250, for
							the price of $10, plus $1 per page.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009; A by
							R089-17AP,
							eff. 5/16/2018
NRS
							679B.130,
							689.720
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.387 - Calculation of reserve liabilities and nonforfeiture values

Current through June 11, 2024
Except as otherwise provided in NAC 688A.390, for preneed
							insurance:
1. The minimum mortality
						standard for determining reserve liabilities and nonforfeiture values for both
						male and female insureds must be determined based on the
Ultimate 1980
						CSO Mortality Table
;
2.
						The standard for the minimum valuation of reserves must be calculated pursuant
						to the provisions of
						NRS
						681B.110 to
						681B.150,
						inclusive; and
3. The standard for
						the minimum nonforfeiture values must be calculated pursuant to the provisions
						of
						NRS
						688A.290 to
						688A.360,
						inclusive.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009
NRS
								679B.130,
								689.720
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.390 - Policies issued on or after January 1, 2009, but before January 1, 2012

Current through June 11, 2024
1. For preneed insurance issued on or after
						January 1, 2009, but before January 1, 2012, an insurer may elect to use the
2001 CSO Mortality Table
to determine the minimum mortality
						standard for determining reserve liabilities and nonforfeiture values for both
						male and female insureds.
2. If an
						insurer elects to use the
2001 CSO Mortality Table
to
						determine the minimum standards for reserve liabilities and nonforfeiture
						values, the insurer shall provide to the Commissioner, as part of the actuarial
						opinion memorandum submitted annually in support of the insurer's asset
						adequacy testing, a written notification which must include, without
						limitation:
(a) A complete list of all preneed
						insurance policy forms for which the insurer uses the
2001 CSO
						Mortality Table
to determine the minimum standards for reserve
						liabilities and nonforfeiture values;
(b) A certification signed by the appointed
						actuary which states that the reserve methodology used by the insurer to
						determine reserves for preneed insurance for which the insurer uses the
2001 CSO Mortality Table
to determine the minimum standards
						for reserve liabilities develops adequate reserves; and
(c) Any other relevant information concerning
						the adequacy of the reserves as may be determined by the
						Commissioner.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.400 - Definitions

Current through June 11, 2024
As used in NAC 688A.400 to 688A.475, inclusive, unless the
						context otherwise requires, the words and terms defined in NAC 688A.405 to
						688A.445, inclusive, have the meanings ascribed to them in those
						sections.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.405 - "Annuity" defined

Current through June 11, 2024
"Annuity" has the meaning ascribed to it in
						NRS
						688A.020.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.410 - "Buyer's guide" defined

Current through June 11, 2024
"Buyer's guide" means a current guide relating to annuities
						that is published by the National Association of Insurance Commissioners for
						use by consumers.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.415 - "Determinable elements" defined

Current through June 11, 2024
"Determinable elements" means the elements under an annuity
						that are guaranteed at the time the annuity is issued, but the values of which
						cannot be determined until after the annuity is issued. A determinable element
						is calculated using other determinable elements or a combination of
						determinable elements and guaranteed elements. The term includes, without
						limitation, premiums, benefits, values, noninterest-based credits, credited
						interest rates, bonuses and charges.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.420 - "Generic name" defined

Current through June 11, 2024
"Generic name" means a term that is descriptive of an annuity,
						including, without limitation, the term "single premium deferred
						annuity."
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.425 - "Guaranteed elements" defined

Current through June 11, 2024
"Guaranteed elements" means the premiums, benefits, values,
						credits or charges under an annuity that are guaranteed and determined at the
						time the annuity is issued.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.430 - "Insurer" defined

Current through June 11, 2024
"Insurer" has the meaning ascribed to it in
						NRS
						679A.100.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.435 - "Nonguaranteed elements" defined

Current through June 11, 2024
"Nonguaranteed elements" means the elements under an annuity
						the values of which are not guaranteed at the time that the annuity is issued.
						The term includes, without limitation, premiums, benefits, values,
						noninterest-based credits, credited interested rates, bonuses and
						charges.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006; A by R115-06,
						9-18-2006
NRS
							679B.130
REVISER'S NOTE.
The regulation of the Commissioner of Insurance filed with
							the Secretary of State on September 18, 2006 (LCB File No. R115-06), which
							amended this section, contains the following provision not included in
							NAC:
"An insurer or provider of insurance is not required to
							comply with the provisions of this regulation until December 17, 2006."
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.440 - "Producer of insurance" defined

Current through June 11, 2024
"Producer of insurance" has the meaning ascribed to it in
						NRS
						679A.117.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.445 - "Recommendation" defined

Current through June 11, 2024
"Recommendation" means advice provided by an insurer or a
						producer of insurance to a prospective purchaser of an annuity concerning the
						purchase or exchange of one or more annuities that results in the purchase or
						exchange of an annuity in accordance with the advice provided by the insurer or
						producer of insurance.
Added to NAC by Comm'r of
						Insurance by R076-05, eff. 2-23-2006; A by R115-06,
						9-18-2006
NRS
							679B.130
REVISER'S NOTE.
The regulation of the Commissioner of Insurance filed with
							the Secretary of State on September 18, 2006 (LCB File No. R115-06), which
							amended this section, contains the following provision not included in
							NAC:
"An insurer or provider of insurance is not required to
							comply with the provisions of this regulation until December 17, 2006."
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.450 - Applicability of provisions

Current through June 11, 2024
1. Except as
					otherwise provided in subsections 2 and 3, NAC 688A.400 to 688A.475, inclusive,
					apply to:
(a) Any solicitation, negotiation or
					procurement of annuities occurring within this State;
(b) Any issuer of annuities, including,
					without limitation, fraternal benefit societies; and
(c) Individual deferred annuities.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.455 - Recommendations: Responsibilities of insurer or producer of insurance; corrective action

Current through June 11, 2024
1. Except as
					otherwise provided in subsection 2, before an insurer or a producer of
					insurance recommends to a person the purchase of an annuity, or the exchange of
					an annuity that results in the purchase or exchange of an annuity in accordance
					with the recommendation, the insurer or producer of insurance must make
					reasonable efforts to obtain:
(a) The
					financial and tax status of the person;
(b) The investment objectives of the person;
					and
(c) Any other information that
					the insurer or producer of insurance determines would be useful in making such
					a recommendation.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.460 - Establishment and maintenance of system to supervise recommendations

Current through June 11, 2024
1. An insurer shall provide for a system to
					supervise recommendations which is reasonably designed to comply with the
					provisions of this chapter and which is established and maintained pursuant to
					subsections 3, 4 and 5. The system must include, without limitation, a process
					for maintaining written procedures and a process for reviewing records which is
					reasonably designed to detect and prevent violations of the provisions of this
					chapter.
2. A producer of insurance
					shall provide for a system to supervise recommendations which is reasonably
					designed to comply with the provisions of this chapter and which is established
					and maintained pursuant to subsections 3, 4 and 5. The system must include,
					without limitation, a process for maintaining written procedures and a process
					for reviewing records which is reasonably designed to detect and prevent
					violations of the provisions of this chapter.
3. An insurer may contract with a third
					party, including, without limitation, a producer of insurance, to establish and
					maintain a system to supervise recommendations pursuant to the provisions of
					subsection 1 with respect to producers of insurance under contract with or
					employed by the third party.
4. An
					insurer shall make a reasonable inquiry to ensure that a third party with whom
					the insurer contracts pursuant to subsection 3 complies with the provisions of
					subsection 1 and shall take reasonable action to enforce the contractual
					obligation to comply with the provisions of subsection 1. An insurer may comply
					with its obligation to make a reasonable inquiry by:
(a) Obtaining a certification that the third
					party is complying with the provisions of subsection 1 from a senior manager of
					the third party who has responsibility for complying with the provisions of
					subsection 1; and
(b) Periodically
					reviewing the performance of the third party to determine whether the third
					party is complying with the provisions of subsection 1. The insurer shall use
					reasonable procedures in conducting the review.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.465 - Maintenance and availability of records or information regarding purchaser of recommended annuity

Current through June 11, 2024
1. If a person
					purchases an annuity that was recommended to him or her by an insurer or
					producer of insurance, the insurer or producer of insurance that made the
					recommendation shall:
(a) Maintain all records
					or information that it obtained from the person for making the recommendation
					for at least 7 years after the date on which the annuity was purchased;
					and
(b) Make the records or
					information described in paragraph (a) available to the Commissioner, upon
					request, during that period.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.470 - Provision of buyer's guide and disclosure statement to applicant for annuity

Current through June 11, 2024
1. Except as otherwise provided in subsection
					3, an insurer or a producer of insurance shall provide a buyer's guide and a
					disclosure statement to each applicant for an annuity:
(a) If the application for an annuity is
					submitted in person to the insurer or producer of insurance, at the time that
					the application is submitted.
(b)
					If the application for an annuity is not submitted in person to the insurer or
					producer of insurance, not later than 5 business days after the application is
					received by the insurer or producer of insurance.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PURCHASE OR EXCHANGE OF ANNUITIES › Section 688A.475 - Provision of annual report to owner of annuity

Current through June 11, 2024
1. An
					insurer shall provide an annual report to each owner of an annuity that was
					purchased from the insurer.
2. The
					annual report required pursuant to subsection 1 must include, without
					limitation:
(a) The beginning and ending
					dates of the reporting period;
(b)
					A comparison of the cash surrender and accumulated values of the annuity
					between the end of the prior reporting period and the end of the current
					reporting period;
(c) Any amount
					that was paid out to the owner during the reporting period;
(d) Any amount that was credited or charged
					to the value of the annuity during the reporting period; and
(e) The amount of any loans taken out by the
					owner of the annuity on the annuity that remain outstanding at the end of the
					reporting period.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › PROHIBITED ACTS AND PRACTICES › Section 688A.500 - Engaging in certain acts or practices regarding sales to active duty service members

Current through June 11, 2024
1. An insurer or
					producer of insurance engages in an unfair or deceptive act or practice in
					violation of
					NRS
					686A.020 if the insurer or producer of
					insurance sells to a person who the insurer knows, or, with the exercise of
					ordinary care, would know, is an active duty service member any annuity or life
					insurance product, other than accidental death coverage, that excludes coverage
					if the death of the insured active duty service member is related to a declared
					or undeclared war or any other act related to military service.
2. As used in this section:
(a) "Active duty service member" has the
					meaning ascribed to it in NAC 686A.486.
(b) "Life insurance product" has the meaning
					ascribed to it in NAC 686A.4885.
Nevada Administrative Code › Chapter 688B - Group Life Insurance › GENERAL PROVISIONS › Section 688B.010 - Provisions applicable to groups formed to purchase insurance

Current through June 11, 2024
The provisions of NAC 679B.036 and 689B.010 to 689B.090, inclusive, apply to association marketing programs authorized pursuant to NRS 688B.030.
Added to NAC by Comm'r of Insurance, eff. 10-12-88
NRS 679B.130
Nevada Administrative Code › Chapter 688B - Group Life Insurance › MULTIPLE POLICIES OF INSURANCE › Section 688B.050 - Written standards for processing claims; records substantiating compliance

Current through June 11, 2024
1. Each insurer issuing a policy of group life insurance or a certificate issued under a policy of group life insurance shall adopt a written standard for processing a claim for a benefit under the policy of group life insurance that provides for the search of all policies or certificates issued by the insurer for other policies or certificates covering the life of the same person.
2. The written standard must provide that the insurer shall:
(a) Ask the person submitting a claim for a benefit under a policy of group life insurance or a certificate issued under a policy of group life insurance for any other names by which the person covered under the policy was known; and
(b) Search all policies and certificates issued by the insurer to determine whether the insured was covered under a policy or certificate issued by the insurer under another name.
Nevada Administrative Code › Chapter 688B - Group Life Insurance › MULTIPLE POLICIES OF INSURANCE › Section 688B.060 - Processing of claims: Search for and action on additional policies issued by insurer on life of decedent; applicability

Current through June 11, 2024
1. Except as otherwise provided in subsection 4, upon the submission of a claim for a benefit under a policy of group life insurance or a certificate issued under a policy of group life insurance, the insurer issuing the policy or certificate shall conduct a search pursuant to the standard adopted pursuant to NAC 688B.050 of all the policies or certificates issued by the insurer to determine if any other policy or certificate issued by the insurer provides coverage on the life of the decedent.
2. If the person filing a claim provides information identifying other names by which the insured may have been known, the insurer shall search all the policies or certificates issued by the insurer to determine if the insured was covered by another policy or certificate under a different name.
3. If the insurer determines that it has issued another policy or certificate on the life of the insured, the insurer shall:
(a) Notify the policy or certificate owner and beneficiaries of the discovery of the policy or certificate; and
(b) Within 6 months after discovering the policy or certificate, determine whether the insurer has liability to pay a claim on the policy or certificate.
Nevada Administrative Code › Chapter 688B - Group Life Insurance › POLICIES OF SMALL FACE AMOUNT › Section 688B.100 - Requirements for disclosure

Current through June 11, 2024
1. Except as otherwise provided in subsection 7, if at any time during the term of a policy of small face amount the total premiums paid for the policy may exceed the face amount of the policy, the insurer that delivers or issues for delivery the policy of small face amount shall provide the disclosure set forth in subsection 6.
2. The insurer shall provide the disclosure required pursuant to subsection 1 to the owner of the policy of small face amount or the holder of a certificate on the policy of small face amount before or at the time the policy or certificate is delivered.
3. The disclosure required pursuant to subsection 1 must not be attached to the policy of small face amount, but may be delivered with the policy.
4. If the total premiums paid for a policy of small face amount may exceed the face amount of the policy for only certain demographics or certain benefit combinations, the insurer shall provide the disclosure required pursuant to subsection 1:
(a) In any circumstance in which the total premiums paid for the policy may exceed the face amount of the policy; or
(b) In all circumstances.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.010 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
			 the words and terms defined in NAC
			 688C.050 to
			 688C.080, inclusive, have the
			 meanings ascribed to them in those sections.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004; A by R120-06, 9-18-2006;	A by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.020 - "Broker of viatical settlements" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.030 - "Business of viatical settlements" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.040 - "Chronically ill" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.050 - "Information capable of identifying the insured" defined

Current through June 11, 2024
"Information capable of identifying the insured" means any information capable of identifying the insured, including, without limitation:
1. The address of the insured.
2. The telephone number of the insured.
3. The number of the facsimile machine at which the insured can be contacted.
4. The electronic mail address of the insured.
5. A photograph or other likeness of the insured.
6. The employer of the insured.
7. The employment status of the insured.
8. The social security number of the insured.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.070 - "Life expectancy" defined

Current through June 11, 2024
"Life expectancy" means the mean number of months the insured can be expected to live as determined by the provider of viatical settlements considering:
1. The medical records of the insured; and
2. Experiential data relevant to the condition of the insured.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.080 - "Net death benefit" defined

Current through June 11, 2024
"Net death benefit" means the amount of benefit under a policy less any outstanding debts or liens on the policy.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.090 - "Policy" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.095 - "Provider of viatical settlements" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R120-06, eff. 9-18-2006;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.100 - "Purchaser of viatical settlements" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.110 - "Terminally ill" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.120 - "Viatical settlement" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004;	R by
			 R161-22A,
			 eff. 12/16/2022
NRS
				679B.130,
				689C.155 and
				695C.080
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.130 - Provider of viatical settlements: Maintenance of surety bond, policy of insurance or other form of security

Current through June 11, 2024
1. A provider of viatical settlements shall, as a condition of doing business, deposit with the Commissioner and keep in full force and effect a surety bond in the amount of $500,000. In lieu of the bond, a provider of viatical settlements may:
(a) Maintain a policy of insurance covering the errors and omissions of the provider of viatical settlements and any partner, member, officer or employee of the provider of viatical settlements; or
(b) Deposit with the Commissioner, under such terms and conditions as the Commissioner may prescribe, a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.140 - Broker of viatical settlements: Maintenance of surety bond, policy of insurance or other form of security

Current through June 11, 2024
1. A broker of viatical settlements shall, as a condition of doing business, deposit with the Commissioner and keep in full force and effect a surety bond in the amount of $250,000. In lieu of the bond, a broker of viatical settlements may:
(a) Maintain a policy of insurance covering the errors and omissions of the broker of viatical settlements and any partner, member, officer or employee of the broker of viatical settlements; or
(b) Deposit with the Commissioner, under such terms and conditions as the Commissioner may prescribe, a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.150 - Payment to viator: Minimum amount if insured is chronically ill or terminally ill; unjust or unreasonable amount

Current through June 11, 2024
1. If an insured is chronically ill or terminally ill, the minimum amount that may be paid to a viator under a viatical settlement is:
(a) If the life expectancy of the insured is less than 6 months, 80 percent of the net death benefit.
(b) If the life expectancy of the insured is at least 6 months but less than 12 months, 70 percent of the net death benefit.
(c) If the life expectancy of the insured is at least 12 months but less than 18 months, 65 percent of the net death benefit.
(d) If the life expectancy of the insured is at least 18 months but less than 25 months, 60 percent of the net death benefit.
(e) If the life expectancy of the insured is 25 months or more, an amount equal to the greater of:
(1) The cash surrender value of the policy at the time the viator enters into the viatical settlement; or
(2) The accelerated death benefit of the policy at the time the viator enters into the viatical settlement.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.160 - Payment to viator: Method; retention of portion of proceeds

Current through June 11, 2024
1. A provider of viatical settlements shall pay the proceeds of the viatical settlement to the viator:
(a) By wire transfer to an account of the viator;
(b) By a certified check made payable to the viator; or
(c) By a cashier's check made payable to the viator.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.170 - Payment of additional benefit for accidental death

Current through June 11, 2024
If a policy subject to a viatical settlement contains a provision for an additional benefit for an accidental death, the viatical settlement must provide that the additional benefit will be payable to the beneficiary of the policy named by the viator pursuant to the provisions of the policy.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130, 688C.170
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.180 - Retention by viator of interest in death benefit

Current through June 11, 2024
1. A viatical settlement may provide that a viator retains an interest in the death benefit of the policy subject to the viatical settlement.
2. If a viatical settlement provides that a viator is to retain an interest in the death benefit of the policy, the viatical settlement must provide:
(a) That the provider of viatical settlements will transfer to the provider of viatical settlements only the portion of the death benefit of the policy to which the provider of viatical settlements is entitled pursuant to the viatical settlement.
(b) That the insurer issuing the policy shall pay the portion of the death benefit of the policy to which the provider of viatical settlements is not entitled to the beneficiary identified pursuant to the provisions of the policy.
(c) That the provider of viatical settlements shall, upon acknowledgment by the insurer of the transfer of the death benefit of the policy to which the provider of viatical settlements is entitled:
(1) Notify the viator, in writing, that the insurer has transferred to the provider of viatical settlements only the portion of the death benefit of the policy to which the provider of viatical settlements is entitled; or
(2) Submit a copy of the instrument provided by the insurer to the provider of viatical settlements that confirms that the insurer has transferred to the provider of viatical settlements only the portion of the death benefit of the policy to which the provider of viatical settlements is entitled.
(d) The amount of the premium for the policy that the provider of viatical settlements shall pay and the amount of the premium for the policy that the viator shall pay.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.190 - Disclosures when insured is minor child

Current through June 11, 2024
If the insured of a policy that is the subject of a viatical settlement is a minor child, disclosures made to the parents or guardians of the minor child must satisfy any disclosures required pursuant to this chapter or chapter 688C of NRS.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130, 688C.250, 688C.260
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.200 - Disclosure of information capable of identifying insured

Current through June 11, 2024
1. Except as otherwise provided in subsection 2, before disclosing to a person any information capable of identifying the insured, a provider of viatical settlements or a broker of viatical settlements shall obtain from the person a written agreement not to further disclose any information capable of identifying the insured without the written permission of the insured.
2. Except as otherwise provided by law, if a provider of viatical settlements or a broker of viatical settlements is served with a subpoena for information capable of identifying the insured, the provider of viatical settlements or broker of viatical settlements shall notify the insured not later than 5 days after receiving the subpoena.
Added to NAC by Comm'r of Insurance by R180-03, eff. 11-15-2004
NRS 679B.130, 688C.230
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.210 - Request for verification of coverage of insured

Current through June 11, 2024
1. A provider of viatical settlements or a broker of viatical settlements may submit a request for a verification of coverage of an insured to an insurer. The request must be:
(a) Except as otherwise provided in subsection 3, on a written form in the format developed by the National Association of Insurance Commissioners for the submission of a request for verification of coverage of an insured by an insurer; and
(b) Accompanied by a signed statement from the viator authorizing the provider of viatical settlements or broker of viatical settlements to submit the request for the verification of coverage.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.220 - Annual report by provider of viatical settlements

Current through June 11, 2024
1. On or before March 1 of each year, a provider of viatical settlements shall submit a report to the Commissioner that must include:
(a) The viatical settlements that the provider of viatical settlements entered into during the previous calendar year with a viator who is a resident of this State;
(b) The viatical settlements that the provider of viatical settlements entered into in which a death occurred during the previous calendar year;
(c) A statement by any partner, member, officer or authorized representative of the provider of viatical settlements certifying that the provider of viatical settlements was in compliance with the provisions of NAC 688C.130 during the previous calendar year;
(d) An attestation by any partner, member, officer or authorized representative of the provider of viatical settlements that the information contained in the report is true and accurate to the best of his knowledge, information and belief;
(e) The signature of any partner, member, officer or authorized representative of the provider of viatical settlements; and
(f) The date on which the partner, member, officer or authorized representative of the provider of viatical settlements signed the report.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.230 - Annual report by broker of viatical settlements

Current through June 11, 2024
1. On or before March 1 of each year, a broker of viatical settlements shall submit a report to the Commissioner detailing the business of viatical settlements conducted by the broker of viatical settlements during the previous calendar year.
2. The report submitted pursuant to subsection 1 must contain:
(a) A title called "Broker Reporting Form";
(b) The complete name and license number of the broker of viatical settlements submitting the report;
(c) The calendar year for which the report is submitted;
(d) A list of all providers of viatical settlements with whom the broker arranged a viatical settlement;
(e) A statement certifying that the broker of viatical statements was in compliance with the provisions of NAC 688C.140 during the previous calendar year;
(f) An attestation that the information contained in the report is true and accurate to the best knowledge, information and belief of the broker of viatical settlements submitting the report;
(g) The signature of the broker of viatical settlements submitting the report; and
(h) The date on which the broker of viatical settlements signed the report.
Nevada Administrative Code › Chapter 688C - Viatical Settlements › Section 688C.240 - Prohibited acts

Current through June 11, 2024
1. A provider of viatical settlements or a broker of viatical settlements shall not:
(a) Discriminate in the making or solicitation of viatical settlements on the basis of race, age, sex, national origin, religion, occupation, marital or familial status or sexual orientation.
(b) Pay or offer to pay any fee, commission or other compensation to a physician, an attorney, an accountant, another person providing medical, legal or financial planning, or any other person acting as an agent for a viator for a referral of an insured to the provider of viatical settlements or broker of viatical settlements.
(c) Knowingly solicit a person who has provided health care services or has been asked to provide health care services to an insured to be a purchaser of viatical settlements involving the insured.
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › GENERAL PROVISIONS › Section 689A.001 - "Division" defined

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				"Division" means the Division of Insurance of the Department of Business and
				Industry.
Added to NAC by Comm'r
				of Insurance, eff. 5-27-92
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › GENERAL PROVISIONS › Section 689A.Sec 1 - NEW

Current through June 11, 2024
1. An insurer that issues a policy
			 of health insurance shall not require an insured to pay a higher
			 deductible or any copayment, coinsurance or other form of
			 cost-sharing for or use any medical management technique to restrict
			 access by an insured to:
(a) A visit
			 to the office of a provider of health care, an urgent care center, an
			 independent center for emergency medical care, the emergency room of
			 a hospital or a COVID-19 screening or testing site, if the purpose of
			 the visit is to determine whether the insured has COVID-19;
(b) A test to determine whether the
			 insured has COVID-19 if the attending provider of health care
			 determines, in accordance with generally accepted medical standards,
			 that the test is appropriate; or
(c) A vaccine to prevent the
			 insured from contracting COVID-19.
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.010 - Definitions

Current through June 11, 2024
As used in NAC 689A.010 to 689A.270, inclusive, unless the
				context otherwise requires, the words and terms defined in NAC 689A.020 to
				689A.070, inclusive, have the meanings ascribed to them in those
				sections.
Supplied in
				codification
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.020 - "Advertisement" defined

Current through June 11, 2024
"Advertisement" means:
1. Printed and published material and
			 descriptive literature used in newspapers, magazines, radio and television
			 scripts, billboards and similar displays;
2. Descriptive literature and sales aids of
			 all kinds issued by an insurer for presentation to members of the public,
			 including, but not limited to, circulars, leaflets, booklets, depictions,
			 illustrations and form letters; and
3. Prepared sales talks, presentations and
			 material for use by agents and brokers, and representations made by the agents
			 and brokers in accordance with them.
Comm'r of Insurance,
				LH-1 § 1 subsec. A, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.030 - "Exception" defined

Current through June 11, 2024
"Exception" means:
1.
			 A provision in a policy which entirely eliminates coverage for a specified
			 hazard; or
2. A statement of a risk
			 not assumed by the insurer under the policy.
Comm'r of Insurance,
				LH-1 § 3, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.040 - "Insurer" defined

Current through June 11, 2024
"Insurer" means a natural person, corporation, association,
				partnership, reciprocal exchange, interinsurer, Lloyds, fraternal benefit
				society or any other entity engaged in the advertisement of a policy.
Comm'r of Insurance,
				LH-1 § 1 subsec. C, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.050 - "Limitation" defined

Current through June 11, 2024
"Limitation" means any provision, other than an exception or a
				reduction, which restricts coverage under the policy.
Comm'r of Insurance,
				LH-1 § 3 subsec. B par. 3, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.060 - "Policy" defined

Current through June 11, 2024
"Policy" means any policy, plan, certificate, contract,
				statement of coverage, rider or endorsement which provides accident or sickness
				benefits or medical, surgical or hospital expense benefits, whether on a cash
				indemnity, reimbursement or service basis, except when issued in connection
				with another kind of insurance other than life or as disability and double
				indemnity benefits included in life insurance and annuity contracts.
Comm'r of Insurance,
				LH-1 § 1 subsec. B, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.070 - "Reduction" defined

Current through June 11, 2024
"Reduction" means any provision which reduces the amount of a
				benefit and by which payment upon the occurrence of a loss is less than would
				be otherwise payable if the reduction clause had not been in effect.
Comm'r of Insurance,
				LH-1 § 3 subsec. B par. 2, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.110 - Advertisements to be truthful and not misleading

Current through June 11, 2024
Advertisements must be truthful and not misleading in fact or
				by implication. A word or phrase may not be used if its meaning is clear only
				by implication or by familiarity with insurance terminology.
Comm'r of Insurance,
				LH-1 § 2, eff. 5-13-72
NRS
				  679B.130
Nevada Administrative Code › Chapter 689A - Individual Health Insurance › ADVERTISING › Section 689A.120 - Benefits, losses and premiums

Current through June 11, 2024
1. Words, phrases
			 or illustrations may not be used in a manner which has the capacity or tendency
			 to deceive as to the extent of any policy benefit payable, loss covered or
			 premium payable.
2. The terms
			 "all," "full," "complete," "comprehensive," "unlimited," "up to," "as high as,"
			 "this policy will pay your hospital and surgical bills" or "this policy will
			 replace your income," or similar terms, may not be used to exaggerate any
			 benefit beyond the terms of the policy, but may be used only in a manner which
			 fairly describes the benefit.
3. A
			 policy covering only one disease or a list of specified diseases may not be
			 advertised in a manner which implies coverage beyond the terms of the policy.
			 Synonymous terms may not be used to refer to any disease so as to imply broader
			 coverage than is the fact.
4. The
			 benefits of a policy which provide for payments in varying amounts for the same
			 loss occurring under different conditions, or which provide benefits only when
			 a loss occurs under certain conditions, may not be advertised without
			 disclosing the limited conditions under which benefits are provided by the
			 policy.
5. Phrases such as "this
			 policy pays $1,800 for hospital room and board expenses" may not be used unless
			 the advertisement indicates the maximum daily benefit and the maximum time
			 limit for hospital room and board expenses.
6. When an advertisement refers to any amount
			 of money, period of time for which any benefit is payable, cost of policy,
			 specific benefit or the loss for which a benefit is payable, it must also
			 disclose those exceptions, reductions and limitations affecting the basic
			 provisions of the policy without which the advertisement would have the
			 capacity and tendency to mislead or deceive.
7. When a policy contains a time period
			 between the effective date of the policy and the effective date of coverage
			 under the policy or a time period between the date a loss occurs and the date
			 benefits begin to accrue for such loss, an advertisement of the policy must
			 disclose the existence of such periods.
8. An advertisement must disclose the extent
			 to which any loss is not covered if the cause of such loss is traceable to a
			 condition existing prior to the effective date of the policy.
9. When a policy does not cover losses
			 traceable to preexisting conditions, no advertisement of the policy may state
			 or imply that the applicant's physical condition or medical history will not
			 affect the issuance of the policy or payment of a claim thereunder. This limits
			 the use of the phrase "no medical examination required" and phrases of similar
			 import.
Comm'r of Insurance,
				LH-1 part § 3, eff. 5-13-72
NRS
				  679B.130