Title 57

NRS 691C.060 “Credit personal property insurance” defined. “Credit personal property insurance” means a policy, endorsement, rider, binder, certificate or other instrument or evidence of insurance written in connection with a credit transaction that: 1. Covers perils to the goods…

NRS 691C.070 “Credit transaction” defined. “Credit transaction” means any transaction for which the terms of repayment of money loaned or loan commitment made, or payment of goods, services or properties sold or leased, is to be made at a future date. (Added to NRS by 2005, 2106)

NRS 691C.080 “Creditor” defined. “Creditor” means the lender of money or vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, and includes: 1. The successor to the right, title or interest of; 2. An affili…

NRS 691C.090 “Creditor-placed insurance” defined. “Creditor-placed insurance” means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction: 1. According to the terms of the credit agreement as a res…

NRS 691C.100 “Debtor” defined. “Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. (Added to NRS by 2005, 2106)

NRS 691C.110 “Dual-interest insurance” defined. “Dual-interest insurance” means credit personal property insurance covering the interest of the creditor or seller and any portion of the interest of the borrower in goods purchased through the credit transaction or pledged as colla…

NRS 691C.120 “Experience” defined. “Experience” means earned premiums and incurred losses during the experience period. (Added to NRS by 2005, 2106)

NRS 691C.130 “Experience period” defined. “Experience period” means the most recent period of time that is not more than 3 years and for which earned premiums and incurred losses are reported. (Added to NRS by 2005, 2106)

NRS 691C.140 “Finance charge” defined. “Finance charge” means any charge payable directly or indirectly as an incident to or condition of an extension of credit, including, without limitation, interest, time-price differentials, amounts payable under a discount system of addition…

NRS 691C.150 “Gross debt” defined. “Gross debt” means the sum of the remaining payments owed to a creditor by a debtor. (Added to NRS by 2005, 2107)

NRS 691C.160 “Identifiable charge” defined. “Identifiable charge” means a charge for credit personal property insurance that is made to debtors who have that insurance and not made to debtors who do not have that insurance. The term includes a charge for insurance that is disclos…

NRS 691C.170 “Incurred losses” defined. “Incurred losses” means total claims and claim adjustment expenses paid during the experience period plus any change in claim and claim adjustment expense reserves. (Added to NRS by 2005, 2107)

NRS 691C.200 “Nonfiling insurance” defined. “Nonfiling insurance” means insurance that indemnifies the creditor for loss of its interest in the collateral due to failure to perfect a security interest in the collateral. (Added to NRS by 2005, 2107)

NRS 691C.210 “Open-end credit” defined. “Open-end credit” means credit extended by a creditor under an agreement in which: 1. The creditor reasonably contemplates repeated transactions; 2. The creditor periodically imposes a finance charge on any outstanding unpaid balance; and 3…

NRS 691C.230 “Single-interest insurance” defined. “Single-interest insurance” means credit personal property insurance covering only the interest of the seller or creditor in goods purchased through a credit transaction or pledged as collateral in a credit transaction. (Added to …

NRS 691C.240 Scope. All credit personal property insurance, including guaranteed asset protection insurance, written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except: 1. Credit transactions invo…

NRS 691C.250 Credit personal property insurance sold in conjunction with closed-end credit transaction: Insurer prohibited from issuing or selling certain insurance. For credit personal property insurance sold in conjunction with a closed-end credit transaction, an insurer shall …

NRS 691C.260 Coverage. Credit personal property insurance must: 1. At a minimum, include the coverage in the standard fire policy with coverage attachment and extended coverage endorsement; and 2. Cover a substantial risk of loss of or damage to the property related to the credit…

NRS 691C.270 Insurer prohibited from requiring bundling of other credit insurance coverage with purchase of credit personal property insurance or using gross debt to determine premiums. 1. An insurer shall not: (a) Require the bundling of other credit insurance coverage with the …

NRS 691C.280 Required disclosures. 1. Before a debtor elects to purchase credit personal property insurance in connection with a credit transaction, the following information must be disclosed to the debtor in writing: (a) That the purchase of credit personal property insurance f…

NRS 691C.290 Offer to extend coverage for open-end credit transaction. An offer to extend coverage for an open-end credit transaction must include, at the time of the invitation to contract, a written disclosure or, if the solicitation is made by telephone and the written disclos…

NRS 691C.300 Individual policy or certificate of insurance: Required as proof of insurance; contents; required statement for insurance related to open-end credit. 1. All credit personal property insurance must be evidenced by an individual policy or a certificate of insurance tha…

NRS 691C.310 Individual policy or certificate of insurance: Delivery. 1. Except as otherwise provided in subsection 2, the individual policy or certificate of insurance must be delivered to the debtor upon acceptance of the insurance by the insurer. 2. An individual policy or cer…

NRS 691C.320 Policies, forms and schedules: Filing; approval; withdrawal of approval. 1. Except as otherwise provided in NRS 691C.330 and 691C.340, all policies, certificates of insurance, applications for insurance, enrollment forms, endorsements and riders delivered or issued f…

NRS 691C.330 Adoption of forms by regulation; election of use of forms by insurer. 1. The Commissioner may adopt by regulation forms for use in the issuance of credit personal property insurance, including applications, policies, forms for claims and any other forms required for …

NRS 691C.340 Insurer authorized to use rates established by Commissioner in lieu of filing rates; regulations. The Commissioner may, by regulation, establish rates that an insurer may use without filing pursuant to NRS 691C.320. In establishing such rates, the Commissioner shall …

NRS 691C.350 Approved rates: Period of effectiveness; timing of filing; filing of revised schedule of premium rates. Except as otherwise provided in NRS 691C.340: 1. A rate that has been filed and approved pursuant to NRS 691C.320 is effective for a period not to exceed 3 years a…

NRS 691C.360 Open-end credit transactions: Rating plan required to address certain expected variance; requirements for accounts. For open-end credit transactions, the rating plan of the insurer must address, by the grouping of similar accounts, the expected variance in the ratio …

NRS 691C.370 Report of credit personal property insurance by insurer: Filing; preparation. Each year, not later than the date specified in the Instructions to the Annual Statement published by the National Association of Insurance Commissioners, an insurer doing business in this …

NRS 691C.380 Transfers to unauthorized insurer. 1. Except as otherwise provided in subsection 2, an authorized insurer issuing credit personal property insurance may not enter into any agreement whereby the authorized insurer transfers, by reinsurance or otherwise, to an unauthor…

NRS 691C.390 Refund of unearned premiums upon cancellation; approval of refund formula. 1. Each individual policy or certificate of insurance must provide for a refund of unearned premiums if the credit personal property insurance is cancelled before the scheduled date of termina…

NRS 691C.400 Claims. 1. All claims must be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate files on all reported claims. All claims must be settled as soon as practicable and in accordance with the terms of the insu…

NRS 691C.410 Settlement or adjustment of claims. A plan or arrangement may not be used whereby a person other than the insurer or its designated claim representative is authorized to settle or adjust claims. The creditor may not be designated as the representative for the insurer…

NRS 691C.420 Denial of claim because debtor ineligible for coverage or misrepresented material fact; refund. A claim made pursuant to credit personal property insurance must not be denied more than 60 days after the initiation of coverage because the debtor was ineligible for cov…

NRS 691C.430 Regulations. The Commissioner may adopt regulations to carry out the provisions of this chapter. (Added to NRS by 2005, 2113)

NRS 691C.440 Administrative fines; revocation, suspension or limitation of license or certificate of authority. In addition to any other penalty provided by law, a person who violates a provision of this chapter or a final order of or a regulation adopted by the Commissioner purs…