Nevada Administrative Code

NAC 686A.4685 “Self-supporting illustration” defined. (NRS 679B.130, 686A.015) “Self-supporting illustration” means an illustration for which the accumulated value of the policy cash flows equals or exceeds the total policy owner value available: 1. When using experience assumpti…

NAC 686A.469 “Supplemental illustration” defined. (NRS 679B.130, 686A.015) “Supplemental illustration” means an illustration that is furnished in addition to a basic illustration and complies with the applicable requirements of NAC 686A.460 to 686A.479, inclusive. (Added to NAC b…

NAC 686A.4695 Applicability. (NRS 679B.130, 686A.015) 1. Except as otherwise provided in subsection 2, the provisions of NAC 686A.460 to 686A.479, inclusive, apply to all group and individual policies and certificates of life insurance issued or delivered on or after January 1, 1…

NAC 686A.470 Use of standards for determining disciplined current scale established by Actuarial Standards Board. (NRS 679B.130, 686A.015) Standards for determining a disciplined current scale established by the Actuarial Standards Board may be used if such standards: 1. Are cons…

NAC 686A.4705 Method for determining assumed expenses; use of marginal expenses. (NRS 679B.130, 686A.015) 1. An insurer may, pursuant to the provisions of subsection 2, designate each year the method of determining assumed expenses for all policy forms from among the following me…

NAC 686A.471 Notification to Commissioner whether or not policy includes illustration; quotation of potential value required with nonterm group policy. (NRS 679B.130, 686A.015) 1. An insurer selling policies of life insurance shall notify the Commissioner in writing whether a pol…

NAC 686A.4715 Required provisions of life insurance illustration. (NRS 679B.130, 686A.015) An illustration must be clearly labeled as a “life insurance illustration” and set forth the: 1. Name of the insurer; 2. Name and business address of the insurer’s agent, broker or other au…

NAC 686A.472 Use of rate of interest to determine nonguaranteed elements of policy. (NRS 679B.130, 686A.015) If a rate of interest used to determine the nonguaranteed elements of a policy is shown in an illustration, the rate must not be greater than the earned rate of interest u…

NAC 686A.4725 Requirements for basic illustration. (NRS 679B.130, 686A.015) A basic illustration must conform with the following: 1. The illustration must include the date on which it was prepared. 2. Each page of the illustration, including, without limitation, any explanatory n…

NAC 686A.473 Contents of narrative summary in basic illustration. (NRS 679B.130, 686A.015) A basic illustration must contain a narrative summary which must include, without limitation, each of the following: 1. A brief description of the policy being illustrated, including, witho…

NAC 686A.4735 Contents of numeric summary of death benefits and values of policy in basic illustration. (NRS 679B.130, 686A.015) 1. A basic illustration must include after the narrative summary a numeric summary of the death benefits and values of the policy being illustrated, an…

NAC 686A.474 Signed statements required if illustration is provided at time of delivery of policy. (NRS 679B.130, 686A.015) The following statements must be included on the same page as the numeric summary and must be signed by the applicant, or the policy owner if an illustratio…

NAC 686A.4745 Information to be included in basic illustration when premium outlay or contract premium changes; other information required under certain circumstances. (NRS 679B.130, 686A.015) 1. A basic illustration must include, without limitation, the following information for…

NAC 686A.475 Supplemental illustration: When authorized; format; notice referring to basic illustration required. (NRS 679B.130, 686A.015) 1. A supplemental illustration may be provided if: (a) It is appended to, accompanied by or preceded by a basic illustration that complies wi…

NAC 686A.4755 Solicitor to provide insurer and applicant copy of basic illustration to which policy conforms; required provisions of revised basic illustration; requirements when basic illustration not used in connection with sale. (NRS 679B.130, 686A.015) 1. If a basic illustrat…

NAC 686A.476 Requirements when basic illustration or revised basic illustration is delivered by mail; insurer to retain illustration or certificate that illustration was not used. (NRS 679B.130, 679B.137, 686A.015) 1. If a basic illustration or a revised basic illustration is del…

NAC 686A.4765 Annual report on status of policy: When required; contents. (NRS 679B.130, 686A.015) 1. Except as otherwise provided in subsection 2, if a policy is designated pursuant to NAC 686A.471 as one for which an illustration will be used, the insurer shall provide each pol…

NAC 686A.477 In-force illustration to be furnished upon request. (NRS 679B.130, 686A.015) Upon the request of a policy owner, an insurer shall furnish an in-force illustration of current and future benefits and values for the policy based on the insurer’s present illustrated scal…

NAC 686A.4772 Illustration actuary: Appointment required; qualifications; notification to Commissioner of certain acts; notification of change in status. (NRS 679B.130, 686A.015) 1. Each insurer that sells policies of life insurance shall appoint at least one illustration actuary…

NAC 686A.4775 Illustration actuary to certify illustration; required disclosure in certification. (NRS 679B.130, 686A.015) 1. An illustration actuary shall certify that: (a) The disciplined current scale used in illustrations authorized by the insurer comply with the “Actuarial S…

NAC 686A.478 Annual certification by officer of insurer that sells policies required. (NRS 679B.130, 686A.015) An officer of an insurer that sells policies of life insurance, other than the illustration actuary, shall certify on or before December 31 of each year, for the current…

NAC 686A.4785 Prohibited acts in connection with sale of policy. (NRS 679B.130, 686A.015) If an insurer or its agent, broker or other authorized representative is using an illustration in connection with the sale of a policy of life insurance, the insurer, agent, broker or author…

NAC 686A.479 Penalties. (NRS 679B.130, 686A.015) An insurer, agent, broker or other authorized representative of an insurer who violates any provision of NAC 686A.460 to 686A.4785, inclusive, shall be deemed to have violated the provisions of NRS 686A.030 or 686A.040, or both, an…

NAC 686A.485 Applicability and effect. (NRS 679B.130, 686A.015) 1. NAC 686A.485 to 686A.4955, inclusive, apply to the solicitation or sale of a life insurance product by an insurer or producer of insurance to an active duty service member. 2. Nothing in NAC 686A.485 to 686A.4955,…

NAC 686A.4855 Definitions. (NRS 679B.130, 686A.015) As used in NAC 686A.485 to 686A.4955, inclusive, unless the context otherwise requires, the words and terms defined in NAC 686A.486 to 686A.4915, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by …

NAC 686A.486 “Active duty service member” defined. (NRS 679B.130, 686A.015) “Active duty service member” means: 1. Any commissioned or warrant officer or enlisted member of the United States Armed Forces who is on full-time duty in the active military service of the United States…

NAC 686A.4865 “Department of Defense personnel” defined. (NRS 679B.130, 686A.015) “Department of Defense personnel” means all active duty service members and all civilian employees, including, without limitation, nonappropriated fund employees and special government employees, of…

NAC 686A.487 “Door-to-door” defined. (NRS 679B.130, 686A.015) “Door-to-door” means a solicitation or sales method whereby a producer of insurance proceeds randomly or selectively from household to household without prior specific appointment. (Added to NAC by Comm’r of Insurance …

NAC 686A.4875 “General advertisement” defined. (NRS 679B.130, 686A.015) “General advertisement” means an advertisement having as its sole purpose the promotion of interest in the concept of insurance or the promotion of the insurer or the producer of insurance who is the subject …

NAC 686A.488 “Known” and “knowingly” defined. (NRS 679B.130, 686A.015) “Known” or “knowingly” means that the insurer or producer of insurance had actual awareness, or with the exercise of ordinary care, would have been aware, at the time of the act or practice complained of, that…

NAC 686A.4885 “Life insurance product” defined. (NRS 679B.130, 686A.015) “Life insurance product” has the meaning ascribed to it in the Military Personnel Financial Services Protection Act, Public Law 109-290, 120 Stat. 1317-26. (Added to NAC by Comm’r of Insurance by R031-07, 8-…

NAC 686A.489 “Military installation” defined. (NRS 679B.130, 686A.015) “Military installation” means any base, reservation, post, camp, building or other facility to which active duty service members are assigned for duty and which is owned, leased or operated by the United State…

NAC 686A.4895 “MyPay” defined. (NRS 679B.130, 686A.015) “MyPay” means the system of the Defense Finance and Accounting Service which enables an active duty service member to process discretionary pay transactions or update personal information data elements without using paper fo…

NAC 686A.490 “Side fund” defined. (NRS 679B.130, 686A.015) “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 …

NAC 686A.4905 “Solicit” defined. (NRS 679B.130, 686A.015) “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)

NAC 686A.491 “Specific appointment” defined. (NRS 679B.130, 686A.015) “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)

NAC 686A.4915 “United States Armed Forces” defined. (NRS 679B.130, 686A.015) “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)

NAC 686A.492 Engaging in certain acts or practices while on military installation. (NRS 679B.130, 686A.015) 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 prod…

NAC 686A.4925 Engaging in corrupt practice or improper influence or inducement while on military installation. (NRS 679B.130, 686A.015) An insurer or producer of insurance engages in a corrupt practice, or an improper influence or inducement, which constitutes an unfair or decept…

NAC 686A.493 Engaging in corrupt practice or improper influence or inducement at any location. (NRS 679B.130, 686A.015) 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 pract…

NAC 686A.4935 Engaging in act or practice which leads to confusion regarding source, sponsorship, approval or affiliation. (NRS 679B.130, 686A.015) An insurer or producer of insurance engages in an act or practice which leads to confusion regarding source, sponsorship, approval o…

NAC 686A.494 Engaging in act or practice which leads to confusion regarding premiums, costs or investment returns. (NRS 679B.130, 686A.015) An insurer or producer of insurance engages in an act or practice which leads to confusion regarding premiums, costs or investment returns, …

NAC 686A.4945 Engaging in certain acts or practices relating to Servicemembers’ Group Life Insurance or Veterans’ Group Life Insurance. (NRS 679B.130, 686A.015) An insurer or producer of insurance engages in an unfair or deceptive act or practice in violation of NRS 686A.020 if t…

NAC 686A.495 Failure to disclose or provide certain information. (NRS 679B.130, 686A.015) 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 …

NAC 686A.4955 Engaging in certain acts or practices relating to side funds, compliance with standard nonforfeiture law or exclusion of coverage. (NRS 679B.130, 686A.015) An insurer or producer of insurance engages in an unfair or deceptive act or practice in violation of NRS 686A…

NAC 686A.501 “Older person” defined. (NRS 679B.130, 686A.015) For the purposes of this section and NAC 686A.502 and 686A.503, “older person” has the meaning ascribed to it in NRS 200.5092. (Added to NAC by Comm’r of Insurance by R086-10, 12-16-2010, eff. 7-1-2011) REVISER’S NOTE.…

NAC 686A.502 Applicability. (NRS 679B.130, 686A.015) 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 Insuran…