Nev. Admin. Code § 686A.Sec. 1-1

Current through December 12, 2024

Section 686A.Sec. 1-1 - NEW

If a financial planner, producer of insurance or insurance consultant charges a fee pursuant to paragraph (c) of subsection 3 of NAC 686A.330, the agreement for consultation or related advice must contain, in addition to the information required pursuant to subsection 1 of NAC 686A.330:

1. The license number assigned by the Division, or the identification number issued by the National Insurance Producer Registry, to the financial planner, producer of insurance or insurance consultant.

2. A statement of whether the fee charged pursuant to paragraph (c) of subsection 3 of NAC 686A.330 is refundable pro rata. If the fee is not refundable pro rata, a statement explaining that the fee is fully earned at the completion of the consultation or related advice and is not refundable.

3. The names of all health insurance carriers of which the financial planner, producer of insurance or insurance consultant is appointed to represent.

4. A statement of whether the financial planner, producer of insurance or insurance consultant is certified by the Silver State Health Insurance Exchange.

5. A statement of whether the financial planner, producer of insurance or insurance consultant currently maintains insurance covering liability for errors and omissions.

6. A disclosure notice which contains the following language:

The Affordable Care Act currently provides premium subsidies to those meeting the eligibility criteria. Premium subsidies are only available through policies offered on the Silver State Health Insurance Exchange.

If an individual health benefit plan is purchased through an insurance carrier of which the financial planner, life or health insurance agent or broker or insurance consultant is appointed to represent, the financial planner, life or health insurance agent or broker or insurance consultant may receive compensation or commission in addition to the fee that may be charged by a financial planner, life or health insurance agent or broker or insurance consultant. The amount of compensation or commission typically varies by insurance carrier.

7. The telephone numbers of the Silver State Health Insurance Exchange, (855) 768-5465, and the Nevada Division of Insurance, (888) 872-3234.

8. The following statement that must be signed and dated by the client or prospective client prior to the consultation:

CLIENT OR PROSPECTIVE CLIENT ATTESTATION By signing below, I attest that I have reviewed the information provided in this disclosure and have received a copy of this form.

9. The following statement that must be signed and dated by the financial planner, producer of insurance or insurance consultant prior to the consultation:

FINANCIAL PLANNER, PRODUCER OF INSURANCE OR INSURANCE CONSULTANT ATTESTATION By signing below, I attest that I have disclosed all relevant facts concerning the services to be provided and the fees, charges or other remuneration that will be charged or received for providing the consultation or related advice described.

Nev. Admin. Code § 686A.Sec. 1-1

Added to NAC by Div. of Insurance by R001-18AP, eff. 8/30/2018

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