Nev. Admin. Code § 686A.573

Current through October 11, 2024

Section 686A.573 - Replacement of annuity contract: Required statement and notice

An insurer or producer of insurance who replaces, offers to replace or proposes to replace an existing individual fixed deferred annuity contract with a new annuity contract shall provide to the prospective buyer:

1. A written, signed and dated statement which compares the terms, conditions and benefits of the existing annuity contract with the new annuity contract. The statement must include, without limitation, any penalties, premium tax implications, bonus vesting schedule and other additional costs.

2. A notice of annuity replacement, which must be in substantially the following form:

IMPORTANT NOTICE REGARDING THE

REPLACEMENT OF YOUR ANNUITY CONTRACT

You have been offered a new annuity contract to replace your existing annuity contract.

Before you replace your existing annuity contract, you should consider the financial gains and losses of replacement.

You may incur additional costs to acquire the new annuity contract.

To make an informed decision about the replacement of your existing annuity contract, you should discuss the provisions of that contract with the producer of insurance or the insurance company which issued it to determine whether your existing annuity contract may be revised to meet your present needs.

Your new annuity contract provides 30 days for you to decide if you wish to keep it.

The producer of insurance or insurance company which is offering to replace your existing annuity contract is required to obtain your signature on this notice and to notify your existing insurance company that you are considering the replacement of your existing annuity contract.

I have read this notice and received a copy of it for my records. I have also received a copy of the written comparison of the proposed annuity contract and my existing annuity contract.

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Prospective Buyer Date

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Producer of Insurance Date

Nev. Admin. Code § 686A.573

Added to NAC by Comm'r of Insurance by R109-07, 1-30-2008, eff. 4-1-2008; A by R027-12, 9-14-2012

NRS 679B.130, 686A.015