Title 57

NRS 688B.170 Readjustment of premium. Any group life insurance contract may provide for a readjustment of the premium rate based upon the experience thereunder. (Added to NRS by 1971, 1751)

NRS 688B.180 Application of dividends and rate reductions; applicability. 1. If a policy dividend is declared after January 1, 1972, or a reduction in rate is made after January 1, 1972, or continued for the first or any subsequent year of insurance under any policy of group life…

NRS 688B.190 Proceeds of benefits required to be paid within 30 days after death of insured; interest. An insurer shall pay the proceeds of any benefits under a group life insurance policy not more than 30 days after the death of the insured. If the proceeds are not paid within t…

NRS 688C.010 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 688C.020 to 688C.150, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2001, 2166; A 2009, 1790)

NRS 688C.020 “Advertising” defined. “Advertising” means a written, electronic or printed communication or a communication by recorded telephone message, radio, television, the Internet or a similar medium of communication, including a film strip, motion picture or videotape, publ…

NRS 688C.030 “Broker of viatical settlements” defined. “Broker of viatical settlements” means a person who on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate a viatical settlement between the viator and one or more prov…

NRS 688C.040 “Business of viatical settlements” defined. “Business of viatical settlements” means the offering, solicitation, negotiation, procurement, effectuation, purchasing, financing, monitoring, tracking, underwriting, selling, transferring, pledging or otherwise hypothecat…

NRS 688C.050 “Chronically ill” defined. “Chronically ill” means: 1. Being unable to perform at least two activities of daily living, such as eating, moving from one place to another, bathing, dressing, continence, defecation or urination; 2. Requiring substantial supervision for …

NRS 688C.060 “Financing agent” defined. 1. “Financing agent” means an underwriter, agent for placement, enhancer of credit, lender, purchaser of securities, purchaser of a policy from a provider of viatical settlements or other person that may enter into a viatical settlement and…

NRS 688C.070 “Policy” defined. “Policy” means an individual or group policy, group certificate, contract or arrangement of life insurance affecting the rights of a person, whether or not delivered or issued for delivery in this state. (Added to NRS by 2001, 2167)

NRS 688C.080 “Provider of viatical settlements” defined. “Provider of viatical settlements” means a person other than a viator who enters into or effectuates a viatical settlement. The term does not include: 1. A bank, savings and loan association, savings bank, thrift company, c…

NRS 688C.090 “Purchaser of viatical settlements” defined. 1. “Purchaser of viatical settlements” means: (a) A person who gives a sum of money as consideration for a policy or an interest in the death benefits of a policy; (b) A person who owns or acquires or is entitled to a bene…

NRS 688C.095 “Rescission period” defined. “Rescission period” means the shorter period of 60 days after the date on which a viatical settlement is signed by all parties thereto or 30 days after the viator receives the proceeds from that viatical settlement. (Added to NRS by 2009,…

NRS 688C.100 “Special organization” defined. “Special organization” means an organization formed by a licensed provider of viatical settlements solely to enable the provider to gain access to institutional markets for capital. (Added to NRS by 2001, 2168)

NRS 688C.110 “Terminally ill” defined. “Terminally ill” means having an illness that can reasonably be expected to result in death within 24 months. (Added to NRS by 2001, 2168)

NRS 688C.130 “Viatical settlement” defined. “Viatical settlement” means a written agreement between a viator and a provider of viatical settlements or an affiliate thereof for the payment of money, or anything else of value, which is less than the expected death benefit of a poli…

NRS 688C.133 “Viatical settlement investment” defined. “Viatical settlement investment” has the meaning ascribed to it in NRS 90.308. (Added to NRS by 2009, 1787)

NRS 688C.135 “Viatical settlement investment agent” and “investment agent of viatical settlements” defined. “Viatical settlement investment agent” or “investment agent of viatical settlements” means a person who is appointed by or contracts with a licensed provider of viatical se…

NRS 688C.137 “Viatical settlement purchase agreement” defined. “Viatical settlement purchase agreement” means a contract or agreement to which the viator is not a party, and which is entered into by a purchaser of viatical settlements to purchase a life insurance policy or an int…

NRS 688C.140 “Viaticated policy” defined. “Viaticated policy” means a policy that has been acquired by a provider of viatical settlements pursuant to a viatical settlement. (Added to NRS by 2001, 2168)

NRS 688C.150 “Viator” defined. 1. “Viator” means the owner of a policy or the holder of a certificate of insurance under a policy of group insurance who resides in this State and who enters or seeks to enter into a viatical settlement. The term is not limited to an owner who is t…

NRS 688C.160 Governing law when residents of different states are viators or purchasers of viatical settlements with respect to single policy. If there is more than one viator or purchaser of viatical settlements with respect to a single policy and they are residents of different…

NRS 688C.170 Regulations. The Commissioner may adopt regulations to: 1. Establish standards for evaluating the reasonableness of payments under viatical settlements to persons chronically or terminally ill, including the regulation of the rates of discount used to determine the a…

NRS 688C.175 Applicability of other provisions. 1. Persons engaged in the business of viatical settlements are subject to the provisions of this chapter and to the following provisions, to the extent reasonably applicable: (a) NRS 679B.230 to 679B.300, inclusive, concerning exami…

NRS 688C.180 Examinations and investigations by Commissioner. The Commissioner may examine or investigate a licensee under this chapter as often as the Commissioner considers appropriate. An examination will be conducted in the manner provided in NRS 679B.230 to 679B.300, inclusi…

NRS 688C.190 License to operate as investment agent or provider or broker of viatical settlements: Required application; renewal; expiration; fees; information regarding certain persons; effect; exception. 1. Except as otherwise provided in NRS 688C.215, a person shall not, witho…

NRS 688C.200 Investigation of applicant; issuance of license; requirements regarding evidence of financial responsibility; requirements regarding service of process for nonresident; provision of certain new or revised information to Commissioner. 1. Upon the filing of an applicat…

NRS 688C.210 Suspension, revocation or refusal of license: Grounds; limitation on suspension period for certain grounds; application for hearing. 1. After notice, and after a hearing if requested, the Commissioner may suspend, revoke, refuse to issue or refuse to renew a license …

NRS 688C.212 Financial planner who performs certain activities related to viatical settlements required to be licensed as insurance consultant. 1. A financial planner who, on behalf of a viator and for a fee, commission or other valuable consideration not paid by a provider or pu…

NRS 688C.213 Probation of broker or investment agent of viatical settlements for acting in bad faith. The Commissioner may place a broker or investment agent of viatical settlements on probation if the Commissioner finds that the broker or investment agent of viatical settlements…

NRS 688C.214 Action by Commissioner against producer of life insurance for violation or acting in bad faith regarding viator; application for hearing. 1. If the Commissioner finds that a producer of life insurance has violated a provision of this chapter or other applicable provi…

NRS 688C.215 License to operate as investment agent or broker of viatical settlements not required for certain producers of insurance; registration with Division and compliance with certain provisions required; fee; penalty. 1. A natural person who has been licensed for at least …

NRS 688C.220 Filing and approval of forms; submission of advertising material. A person shall not use a form of viatical settlement or of disclosure in this state unless the form has been filed with and approved by the Commissioner. The Commissioner shall disapprove such a form i…

NRS 688C.230 Filing by licensee of annual statement; confidentiality of information; authorized disclosure of identity of insured; regulations. 1. Each licensee under this chapter shall file with the Commissioner on or before March 1 of each year an annual statement containing su…

NRS 688C.240 Retention of records and documents by licensee. 1. A person required to be licensed under this chapter shall retain for 5 years copies of all: (a) Contracts, underwriting documents, forms of policy and applications, from the date of the proposal, offer or execution, …

NRS 688C.242 Viatical settlement investment agent: Representation of appointing or contracting provider of viatical settlements. A viatical settlement investment agent is deemed to represent the provider of viatical settlements who appointed or contracted with the viatical settle…

NRS 688C.244 Viatical settlement investment agent: Knowledge of identity of or communication with viator or insured prohibited. A viatical settlement investment agent shall not: 1. Have knowledge of the identity of; or 2. Communicate either directly or indirectly with, Ê a viator…

NRS 688C.250 Disclosures required to be furnished by provider or broker of viatical settlements to viator upon or before execution of application for settlement. 1. With each application for a viatical settlement, a provider or broker of viatical settlements shall furnish to the …

NRS 688C.260 Disclosures required to be furnished by provider of viatical settlements to viator upon or before execution of settlement. A provider of viatical settlements shall furnish to the viator, no later than the date the viatical settlement is signed by all parties, at leas…

NRS 688C.262 Disclosures required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement before execution of settlement; provision of certain brochure. 1. Before the date on which an agreement to purchase a v…

NRS 688C.264 Additional disclosure required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement upon or before date of assignment, transfer or sale of policy. Not later than the date of assignment, transfe…

NRS 688C.266 Form of certain disclosures. Disclosures made pursuant to NRS 688C.262 and 688C.264 must be printed conspicuously in at least 12-point type in any contract or in a separate document signed by the purchaser of viatical settlements and: 1. The provider of viatical sett…

NRS 688C.268 Disclosure required to issuer of policy by broker or provider of viatical settlements who is party to plan or transaction related to policy before or during certain period after issuance of policy. If a broker or provider of viatical settlements is a party to a plan,…

NRS 688C.270 Prerequisites to entry by viator into settlement within 5 years after issuance of policy; submission of independent evidence or certification to insurer. 1. A viator may not enter into a viatical settlement within 5 years after the issuance of the policy to which the…

NRS 688C.275 Restrictions on business of broker and provider of viatical settlements. With respect to a viatical settlement or a policy of insurance: 1. A broker of viatical settlements shall not knowingly solicit an offer from, effectuate a viatical settlement with or make a sal…

NRS 688C.280 Acquisition of certain documents by provider or broker of viatical settlements before entry into settlement; notice to issuer of policy; requests for and responses related to verification of coverage. 1. A provider of viatical settlements who enters into a settlement…