Nevada Administrative Code

NAC 686A.516 “Direct response” defined. (NRS 679B.130, 686A.015) “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-…

NAC 686A.518 “Existing policy” defined. (NRS 679B.130, 686A.015) 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. 2. The term does not i…

NAC 686A.523 “Notice” defined. (NRS 679B.130, 686A.015) “Notice” means the notice regarding the replacement of a policy. (Added to NAC by Comm’r of Insurance, eff. 10-26-84)

NAC 686A.526 “Replacement” defined. (NRS 679B.130, 686A.015) “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 wi…

NAC 686A.528 “Replacing insurer” defined. (NRS 679B.130, 686A.015) “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)

NAC 686A.530 “Sales proposal” defined. (NRS 679B.130, 686A.015) 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 repl…

NAC 686A.540 Exemptions. (NRS 679B.130, 686A.015) 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 …

NAC 686A.550 Duties of agents. (NRS 679B.130, 686A.015) 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…

NAC 686A.555 Duties of replacing insurer. (NRS 679B.130, 679B.137, 686A.015) 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 t…

NAC 686A.560 Duties of insurers who solicit sales by direct response. (NRS 679B.130, 679B.137, 686A.015) 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.51…

NAC 686A.563 Form of notice regarding replacement of a policy. (NRS 679B.130, 686A.015) 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 …

NAC 686A.567 Explanation of notice. (NRS 679B.130, 686A.015) 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 686A.570 Right to replace policy; knowledge of existing policy. (NRS 679B.130, 686A.015) 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, a…

NAC 686A.573 Replacement of annuity contract: Required statement and notice. (NRS 679B.130, 686A.015) 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 shal…

NAC 686A.577 Replacement of annuity contract: Explanation of new contract. (NRS 679B.130, 686A.015) 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 des…

NAC 686A.600 Scope and applicability. (NRS 679B.130, 686A.015) 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 practi…

NAC 686A.610 Definitions. (NRS 679B.130, 686A.015) 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…

NAC 686A.615 “Agent” defined. (NRS 679B.130, 686A.015) “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]

NAC 686A.620 “Claimant” defined. (NRS 679B.130, 686A.015) “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, e…

NAC 686A.625 “First-party claimant” defined. (NRS 679B.130, 686A.015) “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 conting…

NAC 686A.627 “Insurance policy or contract” defined. (NRS 679B.130, 686A.015) “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 pe…

NAC 686A.630 “Insurer” defined. (NRS 679B.130, 686A.015) “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]

NAC 686A.640 “Investigation” defined. (NRS 679B.130, 686A.015) “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-…

NAC 686A.645 “Notice of claim” defined. (NRS 679B.130, 686A.015) “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…

NAC 686A.650 “Third-party claimant” defined. (NRS 679B.130, 686A.015) “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 und…

NAC 686A.660 Misrepresentation of provisions of a policy. (NRS 679B.130, 686A.015, 686A.310) 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.…

NAC 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 commun…

NAC 686A.670 Investigation of claims. (NRS 679B.130, 686A.015, 686A.310) 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 no…

NAC 686A.675 Standards applicable to all insurers. (NRS 679B.130, 686A.015, 686A.310) 1. Within 30 working days after receipt by the insurer of properly executed proofs of loss, the first-party claimant must be advised of the acceptance or denial of the claim by the insurer. No i…

NAC 686A.680 Standards applicable to insurers under automobile policies. (NRS 679B.130, 686A.015) 1. An insurer that adjusts and settles a claim for an automobile total loss shall use the method set forth in paragraph (a) or (b). (a) The insurer may elect to offer a replacement a…

NAC 686A.690 Insurer, agent or administrator to respond within certain period to inquiry from Division with respect to complaint concerning matter other than claim. (NRS 679B.130, 686A.015) Each insurer, agent or administrator, upon receipt of an inquiry from the Division with re…

NAC 686A.700 Definitions. (NRS 679B.130, 686A.015) As used in this section and NAC 686A.710, 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…

NAC 686A.710 Period of use for consumer credit reports and insurance scores. (NRS 679B.130, 686A.015, 686A.680) 1. For the purposes of paragraph (f) of subsection 1 of NRS 686A.680, if a company issues more than one policy under a line of business based on the same credit informa…

NAC 686A.720 Insurer prohibited from increasing premium or making adverse underwriting decision as result of change in consumer credit report or insurance score in connection with COVID-19 emergency; effect of change; violation unfairly discriminatory. (NRS 679B.130, 679B.150, 68…

NAC 686A.730 Insurer authorized to use credit score report or insurance score in rating policy if changes to report or score did not occur in connection with COVID-19 emergency; insurer authorized to reunderwrite or rerate policy based on updated report or score information in co…

NAC 686A.740 Revision of premium and issuance of refund to policyholder whose premium was increased as result of change in consumer credit report or insurance score in connection with COVID-19 emergency; provision of notice. (NRS 679B.130, 679B.150, 686A.015, 686A.100, 686A.130, …

NAC 686B.100 Electronic filing of rates, rules and forms and payment of fees. (NRS 679B.130, 679B.136, 680B.010) 1. Any rate, rule or form required to be filed pursuant to the provisions of chapter 686B of NRS must be filed in accordance with the System for Electronic Rate and Fo…

NAC 686B.300 Definitions. (NRS 679B.130, 679B.430, 686B.160) As used in NAC 686B.300 to 686B.395, inclusive, unless the context otherwise requires, the words and terms defined in NAC 686B.308 to 686B.338, inclusive, have the meanings ascribed to them in those sections. (Added to …

NAC 686B.308 “Annual statement” defined. (NRS 679B.130, 679B.430, 686B.160) “Annual statement” means the annual report of an insurer as of each December 31, which provides detailed information on assets and liabilities, including data on premiums, losses, reserves, expenses, divi…

NAC 686B.314 “Fast track reports” defined. (NRS 679B.130, 679B.430, 686B.160) “Fast track reports” means information generated from the National Association of Insurance Commissioners’ fast track monitoring system that gives a sampling of significant data for property and casualt…

NAC 686B.318 “Insurance expense exhibit” defined. (NRS 679B.130, 679B.430, 686B.160) “Insurance expense exhibit” means the supplement to an insurer’s annual statement which provides a detailed analysis of expenses on a net basis for all types of business. (Added to NAC by Comm’r …

NAC 686B.324 “NAIC” defined. (NRS 679B.130, 679B.430, 686B.160) “NAIC” means the National Association of Insurance Commissioners. (Added to NAC by Comm’r of Insurance, eff. 1-12-89)

NAC 686B.331 “Participating insurer” defined. (NRS 679B.130, 679B.430, 686B.160) “Participating insurer” means an insurer licensed to transact the business of property and casualty insurance in this State which is a member of or subscribes to the services of a licensed rate servi…

NAC 686B.336 “Statistical agent” defined. (NRS 679B.130, 679B.430, 686B.160) “Statistical agent” means an organization designated by the Commissioner to gather and compile statistical data relating to the experience of insurers. (Added to NAC by Comm’r of Insurance, eff. 1-12-89)

NAC 686B.338 “Statistical plan” defined. (NRS 679B.130, 679B.430, 686B.160) “Statistical plan” means a system for collecting and recording information relating to insurance premiums, losses, exposures and expenses. (Added to NAC by Comm’r of Insurance, eff. 1-12-89)

NAC 686B.345 Agreements for compilation and analysis of data; duties of statistical agents. (NRS 679B.130, 679B.430, 686B.160) 1. The Commissioner may enter into agreements with any qualified data collection service corporation, association or other entity to compile and analyze …

NAC 686B.351 Financial reports: General requirements. (NRS 679B.130, 679B.430, 686B.160) As a condition of doing business in this State, each insurer licensed to transact the business of property and casualty insurance must, in addition to any other reports required, report to th…