Title 57

NRS 688A.280 Provisions required by law of other jurisdiction. The policies of a foreign life insurer when issued in this state may contain any provision which the law of the state, territory, district or country under which the insurer is organized prescribes shall be in such po…

NRS 688A.281 Qualified charitable-gift annuity: Definitions. As used in NRS 688A.281 to 688A.285, inclusive, unless the context otherwise requires: 1. “Charitable-gift annuity” means an annuity payable over one or two lives issued by a charitable organization in return for a tran…

NRS 688A.282 Qualified charitable-gift annuity: Issuance does not constitute transacting insurance. The issuance of a qualified charitable-gift annuity does not constitute transacting insurance in this state. A charitable-gift annuity issued before October 1, 1999, is a qualified…

NRS 688A.283 Qualified charitable-gift annuity: Contents and form of required disclosure. In an agreement to issue a qualified charitable-gift annuity, the charitable organization shall disclose in writing to the donor that the annuity is not insurance under the laws of this stat…

NRS 688A.284 Qualified charitable-gift annuity: Required notice to Commissioner; contents of notice; further information. 1. A charitable organization that issues qualified charitable-gift annuities shall notify the Commissioner in writing on or before December 30, 1999, or the e…

NRS 688A.285 Qualified charitable-gift annuity: Effect of noncompliance; penalties. 1. Failure of a charitable organization to comply with the requirements of NRS 688A.283 or 688A.284 for disclosure or notice, or both, does not disqualify an annuity that otherwise constitutes a q…

NRS 688A.290 Short title; applicability; required provisions. 1. NRS 688A.290 to 688A.360, inclusive, shall be known as the Standard Nonforfeiture Law. Except as provided in NRS 688A.330 and 688A.340, NRS 688A.290 to 688A.360, inclusive, apply to policies of life insurance issued…

NRS 688A.300 Cash surrender value: Basic calculations. 1. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by NRS 688A.290, must be an amount not less than the excess, if any, o…

NRS 688A.305 Cash surrender value: Limitations on policies issued on or after January 1, 1987. 1. This section applies to all policies issued on or after January 1, 1987. Any cash surrender value available under the policy in the event of default in a premium payment due on any p…

NRS 688A.310 Paid-up nonforfeiture benefit. Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must be such that its present value as of the anniversary is at least equal to the cash surrender va…

NRS 688A.315 Review of benefits and premiums for life insurance with future premium determination. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on estimates of future expe…

NRS 688A.320 Calculation of adjusted premiums for policies issued before operative date of NRS 688A.325. 1. Except as provided in subsections 4 and 6, the adjusted premiums for any policy must be calculated on an annual basis and be such a uniform percentage of the respective pre…

NRS 688A.325 Calculation of adjusted premiums; operative date of section. 1. This section applies to all policies issued by an insurer on or after the operative date of this section as it relates to that insurer. Except as otherwise provided in subsection 7, the adjusted premiums…

NRS 688A.330 Basis for calculating adjusted premiums on industrial insurance; applicability of section. 1. In the case of industrial policies issued on or after the operative date of this section, as provided in subsection 2, all adjusted premiums and present values referred to i…

NRS 688A.340 Basis for calculating adjusted premiums and present values on ordinary policies issued after operative date of this section; election to come under this section; operative date of this section as to insurer failing to make election. 1. In the case of ordinary policie…

NRS 688A.350 Calculation of cash surrender value and paid-up nonforfeiture benefit. 1. Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, mus…

NRS 688A.360 Insurance to which NRS 688A.290 to 688A.360, inclusive, not applicable. NRS 688A.290 to 688A.360, inclusive, do not apply to any: 1. Reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract. 2. Term policy of uniform amount which provide…

NRS 688A.361 Nonforfeiture provisions required in annuity contracts. No contract of annuity may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the Commissioner are at …

NRS 688A.363 Minimum nonforfeiture amounts. 1. The minimum values, specified in NRS 688A.3631 to 688A.3637, inclusive, and 688A.366, of any paid-up annuity, cash surrender or death benefits available under an annuity contract must be based upon minimum nonforfeiture amounts as de…

NRS 688A.3631 Value of paid-up annuity benefits when benefit payments to commence. Any paid-up annuity benefit available under a contract shall be such that its present value on the date when the annuity payments are to commence is at least equal to the minimum nonforfeiture amou…

NRS 688A.3633 Value of cash surrender and death benefits before maturity. 1. For contracts which provide cash surrender benefits, such benefits available before maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of …

NRS 688A.3635 Value of paid-up annuity benefits before maturity for contracts not providing cash surrender or death benefits. For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any ti…

NRS 688A.3637 Maturity date. 1. For the purpose of determining the benefits calculated under NRS 688A.3633 and 688A.3635: (a) In the case of annuity contracts issued before January 1, 2012, under which an election may be made to have annuity payments commence at optional maturity…

NRS 688A.364 Statement that policy does not provide cash surrender benefits or death benefits equal to nonforfeiture amount. Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount before th…

NRS 688A.366 Calculation of benefits available at time other than contract anniversary. Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated …

NRS 688A.367 Minimum nonforfeiture benefits for contracts providing both annuity and life insurance benefits. For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits which are in exce…

NRS 688A.369 Insurance to which NRS 688A.361 to 688A.369, inclusive, not applicable. NRS 688A.361 to 688A.369, inclusive, do not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (in…

NRS 688A.370 Reinstatement; benefits for disability or accidental death. 1. A reinstated policy of life insurance or an annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstateme…

NRS 688A.380 Participating and nonparticipating policies: Accounting; allocations; dividends. 1. A life insurer issuing both participating and nonparticipating policies shall maintain such accounting records as are necessary for it to determine dividends to participating policyho…

NRS 688A.390 Separate accounts. 1. A domestic life insurer may establish one or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to provide for life insurance or a…

NRS 688A.400 Prohibited policy plans. 1. No life insurer shall, after January 1, 1972, deliver or issue for delivery in this state: (a) As part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends …

NRS 688A.410 Payment of life insurance proceeds; interest. An insurer shall pay the proceeds of any benefits under a policy of life insurance not more than 30 days after the death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on t…

NRS 688A.430 Delivery of group annuity to group formed to purchase annuity prohibited. No group annuity may be delivered or issued for delivery in this state to a group which was principally formed for the purpose of purchasing one or more group annuities. (Added to NRS by 1985, …

NRS 688A.440 Incorporation of long-term care insurance into annuity or policy of life insurance. 1. An annuity or policy of life insurance may incorporate long-term care insurance if: (a) The long-term care insurance incorporated into the annuity or policy of life insurance compl…

NRS 688B.010 Short title; scope. 1. This chapter may be known and cited as the Group Life Insurance Law. 2. This chapter applies only to group life insurance and wholesale life insurance. 3. This chapter does not apply to any group life insurance contract entered into or issued p…

NRS 688B.020 “Wholesale life insurance” defined. 1. As used in this Code, “wholesale life insurance” is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, issued to: (a) Three or more employees of any corporation, copar…

NRS 688B.030 Group life insurance prohibited unless approved by Commissioner; exempt policies; exclusion or limitation of coverage; applicability. 1. Except as otherwise provided in this section, no policy of group life insurance may be delivered or issued for delivery in this St…

NRS 688B.040 Provisions required in policy. No policy of group life insurance shall be delivered in this State unless it contains in substance the provisions set forth in NRS 688B.040 to 688B.150, inclusive, or provisions which in the opinion of the Commissioner are more favorabl…

NRS 688B.050 Grace period. The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, u…

NRS 688B.060 Incontestability. The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for 2 years from its date of issue; and that no statement made by any pers…

NRS 688B.070 Additional provisions required in policy. The group life insurance policy shall contain a provision: 1. That a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract; 2. That all statements m…

NRS 688B.080 Insurability. The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insu…

NRS 688B.090 Misstatement of age. The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or both to be made if the age of a person insured has been misstated, such provision to contain a clear statement of the metho…

NRS 688B.100 Payment of benefits. The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provision of the policy if there…

NRS 688B.110 Certificate: Provision to policyholder required; filing with Commissioner required for policies made under laws of another state in certain circumstances. 1. The group life policy shall contain a provision that the insurer will issue to the policyholder for delivery …

NRS 688B.120 Conversion on termination of eligibility. The group life insurance policy shall contain a provision that if the insurance on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage u…