Nevada Administrative Code

NAC 688A.210 Actuarial certification for certain forms. (NRS 679B.130, 688A.363) In addition to any other requirement for the approval of a form pursuant to NRS 679B.120, an insurer filing forms for approval that incorporate the provisions of NRS 688A.363 must file an actuarial c…

NAC 688A.250 Written standards for processing claims; records substantiating compliance. (NRS 679B.130, 679B.137) 1. Each insurer issuing a policy of life insurance shall adopt a written standard for processing a claim for a benefit under a policy of life insurance that provides …

NAC 688A.260 Processing of claims: Search for and action on additional policies issued by insurer on life of decedent. (NRS 679B.130) 1. Upon the submission of a claim for a benefit under a policy of life insurance, the insurer issuing the policy shall conduct a search pursuant t…

NAC 688A.300 Requirements for disclosure. (NRS 679B.130) 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 …

NAC 688A.320 Definitions. (NRS 679B.130, 681B.120, 688A.325) As used in NAC 688A.320 to 688A.363, inclusive, unless the context otherwise requires, the words and terms defined in NAC 688A.325, 688A.327 and 688A.330 have the meanings ascribed to them in those sections. (Added to N…

NAC 688A.325 “2001 CSO Mortality Table” defined. (NRS 679B.130, 681B.120, 688A.325) 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 f…

NAC 688A.327 “2001 CSO Preferred Class Structure Mortality Table” defined. (NRS 679B.130, 681B.120, 688A.325) 1. “2001 CSO Preferred Class Structure Mortality Table” means the mortality table with separate rates of mortality for super preferred nonsmokers, preferred nonsmokers, r…

NAC 688A.330 “CSO” defined. (NRS 679B.130, 681B.120, 688A.325) “CSO” means Commissioners Standard Ordinary. (Added to NAC by Comm’r of Insurance by R031-08, eff. 8-26-2008)

NAC 688A.350 Adoption by reference of Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation. (NRS 679B.130, 681B.120, 688A.325) 1. For the purposes of NRS 681B.120 and 688A.325 and NAC 681B.161 a…

NAC 688A.352 Restrictions on use of 2001 CSO Preferred Class Structure Mortality Table. 1. An insurer shall not use the 2001 CSO Preferred Class Structure Mortality Table for the valuation of policies issued before January 1, 2008, in any financial statement required by statute i…

NAC 688A.353 Valuation standards: Policies issued on or after January 1, 2005, and before January 1, 2008; policies issued on or after January 1, 2008. (NRS 679B.130, 681B.120, 688A.325) 1. Except as otherwise provided in subsection 3 and NAC 688A.352, at the election of the insu…

NAC 688A.355 Plans with separate rates for preferred and standard nonsmoker lives; certification by appointed actuary. (NRS 679B.130, 681B.120, 688A.325) For each plan of insurance with separate rates for preferred and standard nonsmoker lives, an insurer may use the super prefer…

NAC 688A.357 Plans with separate rates for preferred and standard smoker lives; certification by appointed actuary. (NRS 679B.130, 681B.120, 688A.325) Except as otherwise provided in NAC 688A.352, for each plan of insurance with separate rates for preferred and standard smoker li…

NAC 688A.360 Notice to Commissioner. (NRS 679B.130, 681B.120, 688A.325) 1. An insurer shall provide written notice to the Commissioner and the Life and Health Section of the Division of the intent of the insurer to use the 2001 CSO Preferred Class Structure Mortality Table to det…

NAC 688A.363 Communications and disclosures. (NRS 679B.130, 681B.120, 688A.325) An insurer who uses the 2001 CSO Preferred Class Structure Table to determine minimum reserves shall make the communications and disclosures required pursuant to Actuarial Guideline XLII which is set …

NAC 688A.370 Definitions. (NRS 679B.130, 689.720) As used in NAC 688A.370 to 688A.390, inclusive, unless the context otherwise requires, the words and terms defined in NAC 688A.373 to 688A.385, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Comm…

NAC 688A.373 “2001 CSO Mortality Table” defined. (NRS 679B.130, 689.720) 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 200…

NAC 688A.375 “CSO” defined. (NRS 679B.130, 689.720) “CSO” means Commissioners Standard Ordinary. (Added to NAC by Comm’r of Insurance by R166-08, 9-18-2008, eff. 1-1-2009)

NAC 688A.380 “Preneed insurance” defined. (NRS 679B.130, 689.720) “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 R166-0…

NAC 688A.383 “Prepaid contract” defined. (NRS 679B.130, 689.720) “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)

NAC 688A.385 “Ultimate 1980 CSO Mortality Table” defined. (NRS 679B.130, 689.720) “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…

NAC 688A.387 Calculation of reserve liabilities and nonforfeiture values. (NRS 679B.130, 689.720) 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 …

NAC 688A.390 Policies issued on or after January 1, 2009, but before January 1, 2012. (NRS 679B.130, 689.720) 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…

NAC 688A.400 Definitions. (NRS 679B.130) 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 Ins…

NAC 688A.405 “Annuity” defined. (NRS 679B.130) “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)

NAC 688A.410 “Buyer’s guide” defined. (NRS 679B.130) “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)

NAC 688A.415 “Determinable elements” defined. (NRS 679B.130) “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 i…

NAC 688A.420 “Generic name” defined. (NRS 679B.130) “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)

NAC 688A.425 “Guaranteed elements” defined. (NRS 679B.130) “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…

NAC 688A.430 “Insurer” defined. (NRS 679B.130) “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)

NAC 688A.435 “Nonguaranteed elements” defined. (NRS 679B.130) “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…

NAC 688A.440 “Producer of insurance” defined. (NRS 679B.130) “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)

NAC 688A.445 “Recommendation” defined. (NRS 679B.130) “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 …

NAC 688A.450 Applicability of provisions. (NRS 679B.130) 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, …

NAC 688A.455 Recommendations: Responsibilities of insurer or producer of insurance; corrective action. (NRS 679B.130) 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 o…

NAC 688A.460 Establishment and maintenance of system to supervise recommendations. (NRS 679B.130) 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 maintain…

NAC 688A.465 Maintenance and availability of records or information regarding purchaser of recommended annuity. (NRS 679B.130, 679B.137) 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 insur…

NAC 688A.470 Provision of buyer’s guide and disclosure statement to applicant for annuity. (NRS 679B.130) 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 annui…

NAC 688A.475 Provision of annual report to owner of annuity. (NRS 679B.130) 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) T…

NAC 688A.500 Engaging in certain acts or practices regarding sales to active duty service members. (NRS 679B.130, 686A.015) 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 insuranc…

NAC 688B.010 Provisions applicable to groups formed to purchase insurance. (NRS 679B.130) 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…

NAC 688B.050 Written standards for processing claims; records substantiating compliance. (NRS 679B.130) 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 fo…

NAC 688B.060 Processing of claims: Search for and action on additional policies issued by insurer on life of decedent; applicability. (NRS 679B.130) 1. Except as otherwise provided in subsection 4, upon the submission of a claim for a benefit under a policy of group life insuranc…

NAC 688B.100 Requirements for disclosure. (NRS 679B.130) 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 …

NAC 688C.010 Definitions. (NRS 679B.130) 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.…

NAC 688C.020 “Broker of viatical settlements” defined. (NRS 679B.130) “Broker of viatical settlements” has the meaning ascribed to it in NRS 688C.030. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)

NAC 688C.030 “Business of viatical settlements” defined. (NRS 679B.130) “Business of viatical settlements” has the meaning ascribed to it in NRS 688C.040. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)