NRS 688D.010 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 688D.020 to 688D.060, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2013, 2701)
NRS 688D.020 – “Benefit contract” defined.
“Benefit contract” has the meaning ascribed to it in NRS 695A.003. (Added to NRS by 2013, 2701)
NRS 688D.030 – “Death Master File” defined.
“Death Master File” means the Death Master File from the Social Security Administration or any other database or service which is at least as comprehensive as the Death Master File from the Social Security Administration and which is acceptable to the Commissioner for determining that a person has reportedly died. (Added to NRS by 2013, […]
NRS 688D.040 – “Insured” defined.
“Insured” means: 1. A person covered by a policy of life insurance; 2. A holder of a retained asset account; 3. An annuitant or other owner of an annuity, when the annuity provides for benefits to be paid or other money to be distributed upon the death of the annuitant or other owner of the […]
NRS 688D.050 – “Policy of life insurance” defined.
1. “Policy of life insurance” means any policy, contract or certificate of life insurance that provides a death benefit. 2. The term does not include: (a) A policy or certificate of life insurance that is used to fund a preneed contract or sales agreement for funeral or burial services pursuant to chapter 689 of NRS; […]
NRS 688D.060 – “Retained asset account” defined.
“Retained asset account” means any account or other mechanism by which the settlement of any proceeds payable under a policy of life insurance is accomplished by the insurer or a person acting on behalf of the insurer by depositing the proceeds into an account with draft or check writing privileges, where the proceeds are retained […]
NRS 688D.070 – Applicability.
The provisions of this chapter do not apply to any policy of life insurance, annuity or benefit contract that is used to fund or otherwise provide a death benefit under an employee benefit program which is subject to the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq. (Added to NRS […]
NRS 688D.080 – Insurer required to request information sufficient to ensure payment of benefits upon death of insured.
On or before the effective date of a policy of life insurance, annuity or benefit contract or on or before the date of the establishment of a retained asset account, and upon any change in an insured, an owner or a beneficiary, an insurer shall request information sufficient to ensure that all benefits are distributed […]
NRS 688D.090 – Insurer required to compare policies of life insurance, annuities, benefit contracts and retained asset accounts against Death Master File at least semiannually; duties of insurer upon match; records; presumption of abandonment; disclosure of personal information; required confirmation of possible death if insurer maintains certain information under group life insurance policy; exception.
1. Except as otherwise provided by order of the Commissioner pursuant to NRS 688D.120, each insurer shall, at least semiannually, for the purpose of paying death benefits to a beneficiary, perform a comparison against the Death Master File of the policies of life insurance, annuities, benefit contracts and retained asset accounts of its insureds which […]
NRS 688D.100 – Insurer prohibited from charging insured or beneficiary fees for search or verification.
An insurer shall not charge or collect from an insured or a beneficiary any fees or costs associated with any search or verification conducted pursuant to this chapter. (Added to NRS by 2013, 2703)
NRS 688D.110 – Notice to State Treasurer upon reversion by escheat; contents; transfer to State Treasurer of unclaimed benefit and interest; exception.
1. An insurer shall notify the State Treasurer upon the reversion by escheat of a benefit under a policy of life insurance or an annuity. The notice must state that: (a) The beneficiary under the policy or annuity has failed to submit a claim with the insurer; and (b) The insurer has complied with NRS […]
NRS 688D.120 – Order of Commissioner: Authorization to search only electronically; approval of timeline to make files searchable electronically; exemption from requirements; approval of plan for compliance.
The Commissioner may, after notice and a hearing, issue an order: 1. Authorizing an insurer to limit its comparison against the Death Master File pursuant to NRS 688D.090 to its files that are searchable electronically. 2. Approving a timeline by which an insurer must convert its files into a form that is searchable electronically. 3. […]
NRS 688D.130 – Failure of insurer to comply with chapter may constitute unfair trade practice; exception.
Except as otherwise provided in NRS 688D.120, the failure of an insurer to comply with any provision of this chapter may constitute an unfair trade practice for the purposes of chapter 686A of NRS. (Added to NRS by 2013, 2704)
NRS 688D.140 – Regulations.
The Commissioner may adopt regulations to carry out the provisions of this chapter. (Added to NRS by 2013, 2704)