Nev. Admin. Code § 686A.330

Current through December 12, 2024

Section 686A.330 - Agreement for consultation or related advice: Contents; copies; fee

1. Any agreement for consultation or related advice which is entered into by a financial planner, producer of insurance or insurance consultant must be in writing and must contain:

(a) The name and address of the client or prospective client seeking the consultation or related advice;

(b) The name, address, telephone number and electronic mail address of the financial planner, producer of insurance or insurance consultant;

(c) If applicable, the name and address of any person or entity licensed pursuant to title 57 of NRS which the financial planner, producer of insurance or insurance consultant represents;

(d) A description of any license the financial planner, producer of insurance or insurance consultant holds;

(e) A description of any fee to be charged and the services to be provided under the agreement;

(f) A provision allowing the client, without penalty, to rescind the agreement within 10 days after it is entered into; and

(g) A statement of whether the financial planner, producer of insurance or insurance consultant is to receive any commission or other compensation for services in addition to any fee paid by the client.

2. A financial planner, producer of insurance or insurance consultant must:

(a) Provide each client or prospective client of the financial planner, producer of insurance or insurance consultant with a copy of each agreement entered into in accordance with this section or section 1 of this regulation; and

(b) Retain a copy of each agreement entered into in accordance with this section or section 1 of this regulation and make such a copy available to the Division upon request.

3. A financial planner, life or health insurance agent or broker, or insurance consultant shall not charge a fee pursuant to this section except with respect to:

(a) Group life or group annuity products provided pursuant to chapter 688A or 688B of NRS;

(b) Group health products provided pursuant to chapter 689B of NRS; and

(c) Individual health benefit plans provided pursuant to chapter 689A or 695C of NRS.

Nev. Admin. Code § 686A.330

Added to NAC by Comm'r of Insurance, eff. 8-12-88; A 3-28-96; A by Div. of Insurance by R089-98, 9-25-98; A by R001-18A, eff. 8/21/2018; A by R001-18AP, eff. 8/30/2018

NRS 679B.130, 686A.015, 686A.230