Nevada Administrative Code

NAC 688C.070 “Life expectancy” defined. (NRS 679B.130) “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…

NAC 688C.080 “Net death benefit” defined. (NRS 679B.130) “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)

NAC 688C.090 “Policy” defined. (NRS 679B.130) “Policy” has the meaning ascribed to it in NRS 688C.070. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)

NAC 688C.095 “Provider of viatical settlements” defined. (NRS 679B.130) “Provider of viatical settlements” has the meaning ascribed to it in NRS 688C.080. (Added to NAC by Comm’r of Insurance by R120-06, eff. 9-18-2006)

NAC 688C.100 “Purchaser of viatical settlements” defined. (NRS 679B.130) “Purchaser of viatical settlements” has the meaning ascribed to it in NRS 688C.090. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)

NAC 688C.110 “Terminally ill” defined. (NRS 679B.130) “Terminally ill” has the meaning ascribed to it in NRS 688C.110. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)

NAC 688C.120 “Viatical settlement” defined. (NRS 679B.130) “Viatical settlement” has the meaning ascribed to it in NRS 688C.130. (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)

NAC 688C.130 Provider of viatical settlements: Maintenance of surety bond, policy of insurance or other form of security. (NRS 679B.130, 688C.170) 1. A provider of viatical settlements shall, as a condition of doing business, deposit with the Commissioner and keep in full force a…

NAC 688C.140 Broker of viatical settlements: Maintenance of surety bond, policy of insurance or other form of security. (NRS 679B.130, 688C.170) 1. A broker of viatical settlements shall, as a condition of doing business, deposit with the Commissioner and keep in full force and e…

NAC 688C.150 Payment to viator: Minimum amount if insured is chronically ill or terminally ill; unjust or unreasonable amount. (NRS 679B.130, 688C.170) 1. If an insured is chronically ill or terminally ill, the minimum amount that may be paid to a viator under a viatical settleme…

NAC 688C.160 Payment to viator: Method; retention of portion of proceeds. (NRS 679B.130, 688C.170) 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 mad…

NAC 688C.170 Payment of additional benefit for accidental death. (NRS 679B.130, 688C.170) 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 …

NAC 688C.180 Retention by viator of interest in death benefit. (NRS 679B.130, 688C.170) 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…

NAC 688C.190 Disclosures when insured is minor child. (NRS 679B.130, 688C.250, 688C.260) 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…

NAC 688C.200 Disclosure of information capable of identifying insured. (NRS 679B.130, 688C.230) 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 via…

NAC 688C.210 Request for verification of coverage of insured. (NRS 679B.130, 688C.170) 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 oth…

NAC 688C.220 Annual report by provider of viatical settlements. (NRS 679B.130, 688C.230) 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 viatica…

NAC 688C.230 Annual report by broker of viatical settlements. (NRS 679B.130, 688C.230) 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 viatic…

NAC 688C.240 Prohibited acts. (NRS 679B.130) 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 …

NAC 689A.0005 “Commissioner” defined. As used in this chapter, unless the context otherwise requires, “Commissioner” means the Commissioner of Insurance. (Supplied in codification)

NAC 689A.001 “Division” defined. (NRS 679B.130) 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) ADVERTISING

NAC 689A.010 Definitions. 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)

NAC 689A.020 “Advertisement” defined. (NRS 679B.130) “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 k…

NAC 689A.030 “Exception” defined. (NRS 679B.130) “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]

NAC 689A.040 “Insurer” defined. (NRS 679B.130) “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 § …

NAC 689A.050 “Limitation” defined. (NRS 679B.130) “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]

NAC 689A.060 “Policy” defined. (NRS 679B.130) “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, reimburse…

NAC 689A.070 “Reduction” defined. (NRS 679B.130) “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, …

NAC 689A.110 Advertisements to be truthful and not misleading. (NRS 679B.130) 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. […

NAC 689A.120 Benefits, losses and premiums. (NRS 679B.130) 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,” “co…

NAC 689A.130 Renewability, cancellation and termination. (NRS 679B.130) An advertisement which: 1. Refers to renewability, cancellation or termination of a policy; 2. Refers to a policy benefit; or 3. States or illustrates time or age in connection with eligibility of applicants …

NAC 689A.140 Manner of disclosure. (NRS 679B.130) All information required to be disclosed by NAC 689A.010 to 689A.270, inclusive, must be set out conspicuously and in close conjunction with the statements to which the information relates or under appropriate captions of such pro…

NAC 689A.150 Testimonials. (NRS 679B.130) Testimonials used in advertisements must be genuine, represent the current opinion of the author, be applicable to the policy advertised and be accurately reproduced. The insurer, in using a testimonial, makes as its own all of the statem…

NAC 689A.160 Statistics. (NRS 679B.130) An advertisement which includes the amounts of claims paid, the number of persons insured or similar statistical information relating to any insurer or policy must not be used unless it accurately reflects all relevant facts. The advertisem…

NAC 689A.170 Effect of inspection or offer of refund. (NRS 679B.130) An offer in an advertisement to permit a prospective buyer to inspect the policy or an offer of a refund of premiums paid is not a cure for misleading or deceptive statements contained in the advertisement. [Com…

NAC 689A.180 Disclosure of variance in premiums; combination of policies. (NRS 679B.130) 1. When a choice of the amount of benefits is referred to, an advertisement must disclose that the amount of benefits provided depends upon the plan selected and that the premium will vary wi…

NAC 689A.190 Comparisons and disparagement. (NRS 679B.130) An advertisement must not directly or indirectly make unfair or incomplete comparisons of policies or benefits, or otherwise falsely disparage competitors or their policies, services or business methods. [Comm’r of Insura…

NAC 689A.200 Advertising outside jurisdiction. (NRS 679B.130) 1. An advertisement which is intended to be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed must not imply that the insurer is licensed beyond those limits. 2. Such advertisements b…

NAC 689A.210 Identity of insurer. (NRS 679B.130) The identity of the insurer must be made clear in all of its advertisements. An advertisement must not include a trade name, service mark, slogan, symbol or other device which has the capacity and tendency to mislead or deceive as …

NAC 689A.220 Group insurance. (NRS 679B.130) Unless a policyholder becomes a member of a group by purchasing insurance, an advertisement of a particular policy must not state or imply that prospective policyholders become members of a group and as such enjoy special rates or unde…

NAC 689A.230 Introductory, initial or special offers. (NRS 679B.130) An advertisement must not state or imply that a particular policy or combination of policies is an introductory, initial or special offer and that the applicant will receive advantages by accepting the offer unl…

NAC 689A.240 Examination by governmental agency; endorsements. (NRS 679B.130) 1. An advertisement must not state or imply that an insurer or a policy has been approved or an insurer’s financial condition has been examined and found to be satisfactory by a governmental agency unle…

NAC 689A.250 Settlement of claims. (NRS 679B.130) An advertisement must not contain any untrue statements with respect to the time within which claims are paid or any statements which imply that claim settlements will be liberal or generous beyond the terms of the policy. [Comm’r…

NAC 689A.260 Statements regarding insurer. (NRS 679B.130) An advertisement may not contain statements which are untrue in fact or misleading with respect to the insurer’s assets, corporate structure, financial standing, age or relative position in the insurance business. [Comm’r …

NAC 689A.270 File of advertisements. (NRS 679B.130) Each accident and health insurer shall maintain at its home or principal office a complete file containing every printed, published or prepared advertisement of individual policies and typical printed, published or prepared adve…

NAC 689A.310 Acceptance of forms approved by Division. (NRS 679B.130) All insurers which provide accident and health insurance, medical and dental service corporations, health maintenance organizations, and other organizations which accept prepayment for health services must acce…

NAC 689A.320 Unused portions. (NRS 679B.130) When it prints a form approved by the Division, an insurer may screen out any portion of the form which it does not require to be completed. [Comm’r of Insurance, LH-5 § 3, eff. 7-1-76]—(NAC A 5-27-92)