reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.490 - "Side fund" defined

Current through June 11,
				2024
"Side fund" means a fund or reserve that is part of, or
				  otherwise attached to, a life insurance policy, other than an individually
				  issued annuity, by any means, including, without limitation, by rider,
				  endorsement or any other mechanism which accumulates premiums or deposits with
				  interest. The term does not include:
1. Accumulated value, cash value or secondary
				guarantees provided by a universal life policy;
2. Cash values provided by a whole life
				policy which are subject to standard nonforfeiture law for life insurance;
				or
3. A premium deposit fund which:
(a) Contains only premiums paid in advance
				which accumulate at interest;
(b)
				Imposes no penalty for withdrawal;
(c) Does not permit funding beyond future
				required premiums;
(d) Is not
				marketed or intended as an investment; and
(e) Does not carry commission, either paid or
				calculated.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4905 - "Solicit" defined

Current through June 11,
				2024
"Solicit" has the meaning ascribed to it in
				  NRS
				  683A.074.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.491 - "Specific appointment" defined

Current through June 11,
				2024
"Specific appointment" means a prearranged appointment agreed
				  upon by both parties and definite as to place and time.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4915 - "United States Armed Forces" defined

Current through June 11,
				2024
"United States Armed Forces" means all components of the
				  Army, Navy, Air Force, Marine Corps and Coast Guard.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.492 - Engaging in certain acts or practices while on military installation

Current through June 11, 2024
An insurer or producer of insurance engages in an unfair or
				  deceptive act or practice in violation of
				  NRS
				  686A.020 if, while on a military
				  installation, the insurer or producer of insurance:
1. Knowingly solicits the purchase of a life
				insurance product door-to-door or without first establishing a specific
				appointment for each meeting with the prospective purchaser.
2. Solicits the purchase of a life insurance
				product from active duty service members in a group or mass audience or in a
				captive audience where attendance is not voluntary.
3. Knowingly makes appointments with, or
				solicits the purchase of a life insurance product from, an active duty service
				member during the normally scheduled duty hours of the active duty service
				member.
4. Makes appointments with,
				or solicits the purchase of a life insurance product from, an active duty
				service member in barracks, day rooms, unit areas, transient personnel housing
				or other areas where the commander of the military installation has prohibited
				solicitation.
5. Solicits the
				purchase of any life insurance product without first obtaining permission from
				the commander of the military installation or the designee of the
				commander.
6. Posts bulletins,
				notices or advertisements without authorization from the commander of the
				military installation or the designee of the commander.
7. Fails to present DD Form 2885, "Personal
				Commercial Solicitation Evaluation," to an active duty service member solicited
				by the insurer or producer of insurance or encourages an active duty service
				member not to complete or submit a DD Form 2885.
8. Knowingly accepts an application for a
				life insurance product from, or issues a policy of life insurance on the life
				of, an enlisted member of the United States Armed Forces without first
				obtaining for the files of the insurer or producer of insurance a completed
				copy of any required form which confirms that the enlisted member has received
				counseling or fulfilled any other similar requirement for the sale of a life
				insurance product established by the regulations, directives or rules of the
				Department of Defense or the branch of the United States Armed Forces in which
				the enlisted member serves.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4925 - Engaging in corrupt practice or improper influence or inducement while on military installation

Current through June 11,
				2024
An insurer or producer of insurance engages in a corrupt
				  practice, or an improper influence or inducement, which constitutes an unfair
				  or deceptive act or practice in violation of
				  NRS
				  686A.020 if, while on a military
				  installation, the insurer or producer of insurance:
1. Uses Department of Defense personnel,
				directly or indirectly, as a representative or agent in any official or
				business capacity, with or without compensation, with respect to the
				solicitation or sale of a life insurance product to active duty service
				members.
2. Uses a producer of
				insurance to participate in any education or orientation program sponsored by
				the United States Armed Forces.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4935 - Engaging in act or practice which leads to confusion regarding source, sponsorship, approval or affiliation

Current through June 11,
				2024
An insurer or producer of insurance engages in an act or
				  practice which leads to confusion regarding source, sponsorship, approval or
				  affiliation, and which constitutes an unfair or deceptive act or practice in
				  violation of
				  NRS
				  686A.020, if the insurer or producer of
				  insurance:
1. Makes any
				representation, or uses any device, title, descriptive name or identifier, that
				has the tendency or capacity to confuse or mislead an active duty service
				member into believing that the insurer, producer of insurance or life insurance
				product offered is affiliated, connected or associated with, or endorsed,
				sponsored, sanctioned or recommended by, the United States Government, the
				United States Armed Forces, any state or federal agency or any other
				governmental entity. The titles prohibited by this subsection include, without
				limitation, "Battalion Insurance Counselor," "Unit Insurance Advisor,"
				"Servicemembers' Group Life Insurance Conversion Consultant" or "Veteran's
				Benefits Counselor." This subsection does not prohibit a person from using a
				professional designation awarded after the successful completion of a course of
				instruction in the business of insurance by an accredited institution of higher
				education, including, without limitation, "Chartered Life Underwriter" (CLU),
				"Chartered Financial Consultant" (ChFC), "Certified Financial Planner" (CFP),
				"Master of Science in Financial Services" (MSFS) or "Master of Science in
				Financial Planning" (MS).
2.
				Solicits the purchase of a life insurance product through the use of, or in
				conjunction with, any third-party organization that promotes the welfare or
				assists members of the United States Armed Forces in a manner that has the
				tendency or capacity to confuse or mislead an active duty service member into
				believing that the insurer, producer of insurance or life insurance product is
				affiliated, connected or associated with, or endorsed, sponsored, sanctioned or
				recommended by, the United States Government or the United States Armed
				Forces.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.494 - Engaging in act or practice which leads to confusion regarding premiums, costs or investment returns

Current through June 11,
				2024
An insurer or producer of insurance engages in an act or
				  practice which leads to confusion regarding premiums, costs or investment
				  returns, and which constitutes an unfair or deceptive act or practice in
				  violation of
				  NRS
				  686A.020, if the insurer or producer of
				  insurance:
1. Uses or describes the
				credited interest rate on a life insurance policy in a manner that implies that
				the credited interest rate is a net return on premium paid.
2. Misrepresents the mortality costs of a
				life insurance product other than an individually issued annuity. Violations of
				this subsection include, without limitation, stating or implying that a life
				insurance product costs nothing or is free.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4945 - Engaging in certain acts or practices relating to Servicemembers' Group Life Insurance or Veterans' Group Life Insurance

Current through June
				11, 2024
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:
1. Makes any false,
				misleading or deceptive representation regarding the availability, suitability,
				amount or cost of, or exclusions or limitations to, coverage provided to an
				active duty service member or the dependents of an active duty service member
				by Servicemembers' Group Life Insurance or Veterans' Group Life
				Insurance.
2. Makes any false,
				misleading or deceptive representation regarding the requirements to convert to
				a private insurer, including, without limitation, the costs of, or exclusions
				or limitations to, coverage of Servicemembers' Group Life Insurance or
				Veterans' Group Life Insurance.
3.
				Suggests or recommends to an active duty service member that the active duty
				service member cancel or terminate his or her policy with Servicemembers' Group
				Life Insurance, or encourages an active duty service member to cancel or
				terminate his or her policy with Servicemembers' Group Life
				Insurance.
4. Issues a life
				insurance policy which replaces an existing life insurance policy with
				Servicemembers' Group Life Insurance, unless the replacement life insurance
				policy takes effect upon or after the separation of the active duty service
				member from the United States Armed Forces.
Added to NAC by Comm'r
				  of Insurance by R031-07, 8-31-2007, eff. 9-1-2007
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.495 - Failure to disclose or provide certain information

Current
				through June 11, 2024
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:
1. Deploys, uses or
				contracts for any lead-generating material which is designed exclusively for
				use with active duty service members and which does not clearly and
				conspicuously disclose that the recipient of the material will be contacted by
				a producer of insurance, if that is the case, for the purpose of soliciting the
				purchase of a life insurance product.
2. Fails to disclose, at the time of
				establishing a specific appointment for an in-person, face-to-face meeting with
				an active duty service member, that a solicitation for the purchase of a life
				insurance product will be made at the specific appointment.
3. Except as otherwise provided in this
				subsection, fails to clearly and conspicuously disclose the fact that the
				product being sold is a life insurance product. This subsection does not apply
				to the sale of an individually issued annuity.
4. Fails to make to a person known to be an
				active duty service member, at the time of sale of, or an offer to sell, a life
				insurance product, the written disclosures required by section 10 of the
				Military Personnel Financial Services Protection Act,
				Public Law
				109-290, 120 Stat. 1317-26.
5. When the sale of a life insurance product,
				other than an individually issued annuity, is conducted in person, face-to-face
				with a person known to be an active duty service member, fails to provide to
				the active duty service member at the time an application for the life
				insurance product is taken:
(a) An explanation
				of any free look period with instructions on how to cancel a policy if a policy
				is issued; and
(b) A copy of the
				application or a written disclosure. The copy of the application or the written
				disclosure must clearly and concisely set forth the type of life insurance
				product being sold, the death benefit for which the active duty service member
				applied and the expected first year cost. A basic illustration that meets the
				requirements of NAC 686A.460 to 686A.479, inclusive, and a buyer's guide is
				sufficient to meet the requirements of this paragraph. As used in this
				paragraph, "basic illustration" has the meaning ascribed to it in NAC
				686A.461.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › SOLICITATION AND SALE OF LIFE INSURANCE › Prohibited Acts and Practices Concerning Solicitation of or Sale to Active Duty Service Members › Section 686A.4955 - Engaging in certain acts or practices relating to side funds, compliance with standard nonforfeiture law or exclusion of coverage

Current
				through June 11, 2024
An insurer or producer of insurance engages in an unfair or
				  deceptive act or practice in violation of
				  NRS
				  686A.020 if, in connection with the sale of a
				  life insurance product to an active duty service member, the insurer or
				  producer of insurance:
1. Recommends
				to an active duty service member the purchase of, or offers to sell or sells to
				an active duty service member, a life insurance product, other than an
				individually issued annuity, which includes a side fund, unless the insurer or
				producer of insurance has reasonable grounds to believe that the life insurance
				death benefit, standing alone, is suitable. If an active duty service member is
				currently enrolled in Servicemembers' Group Life Insurance, a life insurance
				death benefit is presumed unsuitable, unless, after the completion of a needs
				assessment, the insurer or producer of insurance demonstrates that the death
				benefit of the Servicemembers' Group Life Insurance, together with any other
				military survivor benefits, savings and investments, survivor income and other
				life insurance, is insufficient to meet the insurable needs for life insurance
				of the active duty service member. As used in this subsection:
(a) "Insurable needs" means the risk
				associated with premature death taking into consideration the financial
				obligations and immediate and future cash needs of the estate, survivors and
				dependents of the service member.
(b) "Other military survivor benefits"
				includes, without limitation, the Death Gratuity, Funeral Reimbursement,
				Transition Assistance, Survivor and Dependents' Educational Assistance,
				Dependency and Indemnity Compensation, TRICARE Healthcare benefits, Survivor
				Housing Benefits and Allowances, Federal Income Tax Forgiveness and Social
				Security Survivor Benefits.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Solicitation, Sale and Advice › Section 686A.501 - Definitions

Current through June 11, 2024
For the purposes of this section and NAC 686A.502 and
				  686A.503:
1. "Older person" has the
				meaning ascribed to it in
				NRS
				200.5092.
2. "Producer of insurance" has the meaning
				ascribed to it in
				NRS
				679A.117.
Added to NAC by Comm'r
				  of Insurance by R086-10, 12-16-2010, eff.
				  7-1-2011
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Solicitation, Sale and Advice › Section 686A.502 - Applicability

Current through June 11, 2024
This section and
NAC 686A.501 and 686A.503 apply
				  to any solicitation, sale or purchase of, or advice made in connection with, an
				  annuity or policy of life insurance by a producer of insurance.
Added to NAC by Comm'r
				  of Insurance by R086-10, 12-16-2010, eff.
				  7-1-2011
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Solicitation, Sale and Advice › Section 686A.503 - Producers of insurance: Use of certain certifications or professional designations

Current through June 11,
				2024
1. A producer of
				insurance engages in an unfair or deceptive act or practice in violation of
				NRS
				686A.020 if, without limitation, the producer
				of insurance uses a certification or professional designation that:
(a) Indicates or implies that the producer of
				insurance has special certification or training in advising or providing
				services to older persons in connection with the solicitation, sale or purchase
				of an annuity or policy of life insurance or in providing advice as to the
				value of or advisability of purchasing or selling an annuity or policy of life
				insurance, either directly or indirectly, through publications or writings or
				by issuing or publishing analyses or reports related to an annuity or policy of
				life insurance if the producer of insurance does not have such special
				certification or training;
(b) The
				producer of insurance has not earned or is otherwise ineligible to
				use;
(c) Is nonexistent;
(d) The producer of insurance conferred upon
				itself;
(e) Indicates or implies a
				level of occupational qualifications obtained through education, training or
				experience that the producer of insurance using the certification or
				professional designation has not obtained; or
(f) Was obtained from a certifying or
				designating organization that, except as otherwise provided in subsection 2:
(1) Is primarily engaged in the business of
				instruction in sales or marketing;
(2) Does not have reasonable standards or
				procedures for ensuring the competency of its certificate holders or
				designees;
(3) Does not have
				reasonable standards or procedures for monitoring and disciplining its
				certificate holders or designees for conduct that is improper or unethical;
				or
(4) Does not have reasonable
				requirements for continuing education for its certificate holders or designees
				in order to maintain the certificate or designation.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.510 - Definitions

Current through June 11, 2024
For the purposes of NAC 686A.510 to 686A.577, inclusive, the
				  words and terms defined in NAC 686A.513 to 686A.530, inclusive, have the
				  meanings ascribed to them in those sections.
Comm'r of Insurance,
				  LH-3 § 3, eff. 1-4-80-NAC A 10-26-84; A by Div. of Insurance by R089-98,
				  9-25-98
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.513 - "Agent" defined

Current through June 11,
				2024
"Agent" has the meaning ascribed to it in
				  NRS
				  683A.321.
Added to NAC by Div.
				  of Insurance by R089-98, eff. 9-25-98; A by Comm'r of Insurance by R054-12,
				  11-1-2012
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.516 - "Direct response" defined

Current through June 11,
				2024
"Direct response" means a response from a prospective
				  purchaser of life insurance made directly to the insurer where the insurer does
				  not use an agent in the sale or delivery of the policy.
Comm'r of Insurance,
				  LH-3 § 6, eff. 1-4-80-NAC A 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.518 - "Existing policy" defined

Current through June 11,
				2024
1. "Existing
				policy" means:
(a) A policy, presently
				effective, including a policy subject to a binding or conditional receipt;
				or
(b) A policy issued with a
				period for an unconditional refund.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.523 - "Notice" defined

Current through June 11,
				2024
"Notice" means the notice regarding the replacement of a
				  policy.
Added to NAC by Comm'r
				  of Insurance, eff. 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.526 - "Replacement" defined

Current through June 11,
				2024
"Replacement" means a transaction in which a new policy is to
				  be purchased and the agent or insurer who proposes the replacement knows or
				  should know, by reason of the transaction, that an existing policy has been or
				  will be:
1. Terminated;
2. Converted to reduced paid-up insurance,
				continued as extended term insurance or otherwise reduced in value by the use
				of nonforfeiture benefits or other values in the policy;
3. Amended to reduce benefits or to reduce
				the term for which coverage would otherwise remain in force;
4. Reissued with any reduction in the cash
				value of the policy; or
5. Pledged
				as collateral or subjected to borrowing for an aggregate amount that exceeds 25
				percent of the loan value set forth in the policy.
Comm'r of Insurance,
				  LH-3 § 10, eff. 1-4-80-NAC A 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.528 - "Replacing insurer" defined

Current through June 11,
				2024
"Replacing insurer" means an insurance company which issues a
				  new policy as a replacement for an existing policy.
Comm'r of Insurance,
				  LH-3 § 11, eff. 1-4-80-NAC A 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.530 - "Sales proposal" defined

Current through June 11,
				2024
1. "Sales proposal"
				means any written aid to a sale, excluding any policy summary which is used by
				an insurer, agent or broker to compare an existing policy to a proposed policy
				in support of a recommendation to replace or retain an existing
				policy.
2. The term does not
				include any aid of a generally descriptive nature which is maintained in the
				insurer's advertising file.
Comm'r of Insurance,
				  LH-3 § 12, eff. 1-4-80-NAC A 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.540 - Exemptions

Current through June 11, 2024
The provisions of NAC 686A.510 to 686A.577, inclusive, do not
				  apply to any:
1. Individual policy of
				credit life insurance.
2. Except as
				provided in this subsection, policies of group life insurance, group credit
				life insurance or life insurance issued in connection with a pension,
				profit-sharing or other benefit plan that qualifies for tax deductibility of
				premiums. As to any replacement of a plan described in this subsection, each
				agent shall make a full disclosure of all material facts to the person in
				charge of any plan to be replaced.
3. Policy of variable life insurance under
				which the death benefits and cash values vary in accordance with the unit
				values of investments held in a separate account.
4. Application made to an insurer under an
				existing policy for a contractual change or the exercise of a privilege of
				conversion.
5. Existing policy
				which is a nonconvertible, term policy, will expire in 5 years or less and
				cannot be renewed.
6. Proposed life
				insurance which is to replace life insurance under a binding or conditional
				receipt issued by the same company.
7. Policy solicited through direct response
				with a face value of $5,000 or less.
Comm'r of Insurance,
				  LH-3 § 13, eff. 1-4-80-NAC A 10-26-84;
				  10-30-85
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.550 - Duties of agents

Current through June 11,
				2024
Each agent shall on each application for life
				  insurance:
1. Indicate on the
				application in the appropriate space, whether or not an existing policy will be
				replaced.
2. Where a replacement is
				involved:
(a) Present the notice to the
				applicant;
(b) Sign the notice,
				obtain the applicant's signature on a copy of the notice and furnish a copy to
				the applicant; and
(c) Retain a
				copy of the notice and copies of any sales proposals for at least 3 years after
				signing the notice.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.555 - Duties of replacing insurer

Current through June 11,
				2024
1. Each replacing
				insurer shall:
(a) Inform its agents of the
				requirements of NAC 686A.510 to 686A.577, inclusive.
(b) Furnish to each agent who may solicit the
				replacement of a policy, three copies of the notice.
(c) Retain copies of the notice and copies of
				the policy summary for at least 3 years after the applicant signs the notice or
				until the conclusion of the next succeeding regular examination by the
				department of insurance of its state of domicile, whichever is later.
(d) If it is not the insurer for the existing
				policy, within 3 working days after receiving the application, send to the
				insurer under any existing policy, a copy of the notice.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.560 - Duties of insurers who solicit sales by direct response

Current
				through June 11, 2024
1.
				Each insurer who solicits sales by direct response shall:
(a) Inform its personnel who are engaged in
				making such sales of the requirements of the provisions of NAC 686A.510 to
				686A.577, inclusive.
(b) Require
				with each completed application for life insurance a statement, signed by the
				applicant, declaring whether or not an existing policy will be
				replaced.
(c) Require the applicant
				to list existing policies that will be replaced and the names of the insurers
				under those existing policies.
(d)
				Within 5 days after receiving an application, mail three copies of the notice
				to the applicant to be signed and returned.
(e) If it is not the insurer for the existing
				policy, within 3 working days after receiving the signed notice and list of
				existing policies, send to the insurer under any existing policy, a copy of the
				notice.
(f) Retain copies of the
				notice and copies of the policy summary given to the applicant for at least 3
				years after the applicant signs the notice or until the conclusion of the next
				succeeding regular examination by the department of insurance of its state of
				domicile, whichever is later.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.563 - Form of notice regarding replacement of a policy

Current
				through June 11, 2024
The notice referred to in NAC 686A.523, 686A.555 and 686A.560
				  must be in substantially the following form:
IMPORTANT NOTICE REGARDING THE
REPLACEMENT OF YOUR POLICY OF LIFE INSURANCE
You have been offered a policy to replace all or part of your
				  existing policy of life insurance.
Before you replace your existing policy, you should consider
				  whether you could suffer a FINANCIAL LOSS under the new policy because of your
				  AGE or the condition of your HEALTH. You should also consider whether you will
				  pay more for premiums because of your age or health.
You WILL incur additional costs to acquire the new policy,
				  including the payment of commissions to the agent advocating the replacement of
				  your existing policy.
To make an informed decision about the replacement of your
				  policy, you should discuss the provisions of your existing policy with your
				  agent or the company which issued it to determine whether your policy can be
				  changed to meet your present needs.
Your new policy provides 30 days for you to decide whether
				  you wish to keep it.
The agent who is offering to replace your existing policy is
				  required to obtain your signature on this notice. Also, the agent will be
				  notifying your existing insurance company that you are considering the
				  replacement of your policy.
I have read this notice and received a copy of it for my
				  records.
.........................................
				  .........................................
Applicant Date
.........................................
				  .........................................
Agent Date
Added to NAC by Comm'r
				  of Insurance, eff. 10-26-84; A by R027-12,
				  9-14-2012
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.567 - Explanation of notice

Current through June 11,
				2024
When an agent recommends the replacement of a policy and
				  presents the notice, the agent shall explain, if requested by the applicant,
				  the provisions of that notice but shall not be critical of its
				  provisions.
Added to NAC by Comm'r
				  of Insurance, eff. 10-26-84
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.570 - Right to replace policy; knowledge of existing policy

Current
				through June 11, 2024
1.
				The provisions of NAC 686A.510 to 686A.577, inclusive, are not intended to
				limit the right of a policyholder to replace existing policies.
2. If an existing policy is to be replaced,
				an agent shall be deemed to have knowledge of the existence of such a policy,
				whether or not the policyholder indicates that there is a replacement, if the
				agent:
(a) Replaces the policy more than once;
				or
(b) Engages in a pattern of
				conduct which indicates a disregard for the existence of such a
				policy.
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.573 - Replacement of annuity contract: Required statement and notice

Current through June 11, 2024
An insurer or producer of insurance who replaces, offers to
				  replace or proposes to replace an existing individual fixed deferred annuity
				  contract with a new annuity contract shall provide to the prospective
				  buyer:
1. A written, signed and dated
				statement which compares the terms, conditions and benefits of the existing
				annuity contract with the new annuity contract. The statement must include,
				without limitation, any penalties, premium tax implications, bonus vesting
				schedule and other additional costs.
2. A notice of annuity replacement, which
				must be in substantially the following form:
IMPORTANT NOTICE REGARDING THE
REPLACEMENT OF YOUR ANNUITY CONTRACT
You have been offered a new annuity contract to replace your
				  existing annuity contract.
Before you replace your existing annuity contract, you should
				  consider the financial gains and losses of replacement.
You may incur additional costs to acquire the new annuity
				  contract.
To make an informed decision about the replacement of your
				  existing annuity contract, you should discuss the provisions of that contract
				  with the producer of insurance or the insurance company which issued it to
				  determine whether your existing annuity contract may be revised to meet your
				  present needs.
Your new annuity contract provides 30 days for you to decide
				  if you wish to keep it.
The producer of insurance or insurance company which is
				  offering to replace your existing annuity contract is required to obtain your
				  signature on this notice and to notify your existing insurance company that you
				  are considering the replacement of your existing annuity contract.
I have read this notice and received a copy of it for my
				  records. I have also received a copy of the written comparison of the proposed
				  annuity contract and my existing annuity contract.
...................................
				  ................................
Prospective Buyer Date
...................................
				  ................................
Producer of Insurance Date
Added to NAC by Comm'r
				  of Insurance by R109-07, 1-30-2008, eff. 4-1-2008; A by R027-12,
				  9-14-2012
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › LIFE INSURANCE AND ANNUITIES › Replacement › Section 686A.577 - Replacement of annuity contract: Explanation of new contract

Current through June 11, 2024
An insurer or producer of insurance who recommends the
				  replacement of an existing annuity contract shall explain the provisions of the
				  new annuity contract without inaccurately describing or otherwise
				  misrepresenting the provisions of the existing annuity
				  contract.
Added to NAC by Comm'r
				  of Insurance by R109-07, 1-30-2008, eff. 4-1-2008
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.600 - Scope and applicability

Current through June 11,
				2024
1. NAC 686A.600 to
				686A.680, inclusive, define certain minimum standards, violations of which,
				with a frequency which indicates a general business practice, will be deemed to
				constitute unfair claims settlement practices.
2. NAC 686A.600 to 686A.690, inclusive, apply
				to all persons and to all insurance contracts or policies except policies of
				surety insurance.
3. Acts not
				specified in NAC 686A.600 to 686A.690, inclusive, may also be deemed to be
				violations of
				NRS
				686A.310.
Comm'r of Insurance,
				  M-9 § 3, eff. 2-21-80-NAC A by Div. of Insurance by R089-98,
				  9-25-98
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.610 - Definitions

Current through June 11, 2024
As used in NAC 686A.600 to 686A.680, inclusive, unless the
				  context otherwise requires, the words and terms defined in NAC 686A.615 to
				  686A.650, inclusive, have the meanings ascribed to them in those
				  sections.
Comm'r of Insurance,
				  M-9 § 4, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.615 - "Agent" defined

Current through June 11,
				2024
"Agent" means any person, corporation, association,
				  partnership, or other legal entity authorized by the insurer to represent it
				  with respect to a claim.
Comm'r of Insurance,
				  M-9 § 4a, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.620 - "Claimant" defined

Current through June 11,
				2024
"Claimant" includes a first-party claimant, a third-party
				  claimant, or both, and designated legal representatives and members of the
				  claimant's immediate family designated by the claimant.
Comm'r of Insurance,
				  M-9 § 4b, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.625 - "First-party claimant" defined

Current through June 11,
				2024
"First-party claimant" means a person, corporation,
				  association, partnership or other legal entity asserting a right to payment
				  under an insurance contract or policy arising out of the occurrence of the
				  contingency or loss covered by the contract or policy. "First-party claimant"
				  does not include a person who provides service to an injured party.
Comm'r of Insurance,
				  M-9 § 4c, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.627 - "Insurance policy or contract" defined

Current through June 11,
				2024
"Insurance policy or contract" means any insurance policy,
				  plan or written agreement for or affecting insurance by whatever name called
				  and includes all clauses, riders or endorsements offered by any person or
				  entity engaged in the business of insurance in this State.
Comm'r of Insurance,
				  M-9 § 4e, eff. 2-21-80-Substituted in revision for NAC
				  686A.635
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.630 - "Insurer" defined

Current through June 11,
				2024
"Insurer" means a person licensed to issue, or who issues,
				  any insurance contract or policy in this State.
Comm'r of Insurance,
				  M-9 § 4d, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.640 - "Investigation" defined

Current through June 11,
				2024
"Investigation" means all activities of an insurer directly
				  or indirectly related to the determination of liabilities under coverage
				  afforded by an insurance contract or policy.
Comm'r of Insurance,
				  M-9 § 4f, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.645 - "Notice of claim" defined

Current through June 11,
				2024
"Notice of claim" means any notice, whether in writing or
				  otherwise, to an insurer or its agent, by a claimant, which reasonably apprises
				  the insurer of the facts pertinent to a claim.
Comm'r of Insurance,
				  M-9 § 4g, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › General Provisions › Section 686A.650 - "Third-party claimant" defined

Current through June 11,
				2024
"Third-party claimant" means any person, corporation,
				  association, partnership or other legal entity asserting a claim against any
				  person, corporation, association, partnership or other legal entity insured
				  under an insurance contract or policy. "Third-party claimant" does not include
				  a person who provides service to an injured party.
Comm'r of Insurance,
				  M-9 § 4h, eff. 2-21-80
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › Standards Concerning Claims › Section 686A.660 - Misrepresentation of provisions of a policy

Current through June 11,
				2024
1. Each insurer
				shall fully disclose to first-party claimants all pertinent benefits, coverages
				or other provisions of an insurance contract or policy under which a claim is
				presented.
2. No agent may conceal
				from a first-party claimant any of the benefits, coverages or other provisions
				of any insurance contract or policy when pertinent to a claim.
3. No insurer may deny a claim for failure to
				exhibit the property without proof of demand and unfounded refusal by a
				claimant.
4. No insurer may, except
				where there is a time limit specified in the insurance contract or policy,
				require a claimant to give written notice of loss or proof of loss within a
				specified time or seek to relieve the insurer of the obligations if the
				requirement is not complied with, unless the failure to comply prejudices the
				insurer's rights.
5. No insurer may
				request a first-party claimant to sign a release which extends beyond the
				condition or occurrence which gave rise to the claim payment.
6. No insurer may issue a check or draft in
				partial settlement of a loss or claim under a specific coverage if the check or
				draft contains language which releases the insurer or its insured from its
				total liability.
Comm'r of Insurance,
				  M-9 § 5, eff. 2-21-80
NRS
					 679B.130,
					 686A.015,
					 686A.310
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › Standards Concerning Claims › Section 686A.665 - Insurer to acknowledge receipt of claim notice within certain period; insurer, agent or administrator to respond adequately and within certain period to inquiry from Division respecting claim filed with Division; reply required within certain period to certain communications from claimants

Current through June 11, 2024
1. Every insurer shall acknowledge the
				receipt of a claim notice within 20 working days after receipt of the claim
				notice unless payment of the claim is made within that time. If acknowledgment
				is made by means other than writing, an appropriate dated notation of the
				acknowledgment must be made in the claim file of the insurer. Notice given to
				an agent of an insurer is notice to the insurer.
2. Each insurer, agent or administrator, upon
				receipt of any inquiry from the Division respecting a claim filed with the
				Division shall, within 10 working days after receipt of the inquiry, furnish
				the Division with an adequate response to the inquiry. The Division will not
				consider an acknowledgment of the receipt of an inquiry to be an adequate
				response to the inquiry. An insurer, agent or administrator who has received
				such an inquiry may request an extension of time, not to exceed 20 working
				days, to submit an adequate response. The request for an extension must be
				furnished to the Division within 10 working days after the insurer, agent or
				administrator received the inquiry.
3. An appropriate reply must be made within
				20 working days after receipt of any other pertinent communication from a
				claimant if the communication reasonably suggests that a response is
				expected.
4. Each insurer, upon
				receiving notification of claim, shall promptly provide necessary claim forms,
				instructions and reasonable assistance so that first-party claimants can comply
				with the policy conditions and the insurer's reasonable requirements.
				Compliance with this subsection within 20 working days after receipt of
				notification of a claim constitutes compliance with subsection 1.
5. As used in this section, "administrator"
				has the meaning ascribed to it in
				NRS
				683A.025.
Comm'r of Insurance,
				  M-9 § 6, eff. 2-21-80-NAC A 5-27-92; A by Div. of Insurance by R089-98,
				  9-25-98
NRS
					 679B.130,
					 686A.015,
					 686A.310
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › Standards Concerning Claims › Section 686A.670 - Investigation of claims

Current through June 11,
				2024
1. Each insurer
				shall establish procedures to begin an investigation of any claim within 20
				working days of receipt of notice of the claim. Each insurer shall mail or
				otherwise provide to each claimant, a notice of all items, statements and
				forms, if any, which the insurer reasonably believes will be required of the
				claimant, within 20 working days after receiving notice of the claim.
2. Each insurer shall complete an
				investigation of each claim within 30 days after receiving notice of the claim,
				unless the investigation cannot reasonably be completed within that
				time.
Comm'r of Insurance,
				  M-9 § 7, eff. 2-21-80
NRS
					 679B.130,
					 686A.015,
					 686A.310
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › UNFAIR PRACTICES › Standards Concerning Matters Other Than Claims › Section 686A.690 - Insurer, agent or administrator to respond within certain period to inquiry from Division with respect to complaint concerning matter other than claim

Current through June 11,
				2024
Each insurer, agent or administrator, upon receipt of an
				  inquiry from the Division with respect to a complaint filed with the Division
				  concerning any matter other than a claim shall, within 20 working days after
				  receipt of the inquiry, furnish the Division with an adequate response to the
				  inquiry. The Division will not consider an acknowledgment of the receipt of an
				  inquiry to be an adequate response to the inquiry. An insurer, agent or
				  administrator who has received such an inquiry may request an extension of
				  time, not to exceed 20 working days, to submit an adequate response. The
				  request for an extension must set forth the reasons why an adequate response
				  cannot be provided within the specified period and must be furnished to the
				  Division within 20 working days after the insurer, agent or administrator
				  received the inquiry.
Added to NAC by Div.
				  of Insurance by R089-98, eff. 9-25-98
NRS
					 679B.130,
					 686A.015
Nevada Administrative Code › Chapter 686A - Insurance: Trade Practices and Frauds › USE OF CONSUMER CREDIT INFORMATION › Section 686A.700 - Definitions

Current through June 11, 2024
686A.700 As used in this section and NAC
				686A.710 and sections 2, 3 and
				4, unless the context otherwise requires, the words and terms defined in
				NRS
				686A.610 to
				686A.660,
				inclusive, have the meanings ascribed to them in those
				sections.
Added to NAC by Comm'r
				of Insurance by R111-04, eff. 5-24-2005; A by
				R087-20A,
				eff. 12/18/2020
NRS
				679B.130 and
				686A.015