Section 687B.114 - Responsibilities of professional, trade or occupational association which endorses or sells contracts or certificates to members1. A professional, trade or occupational association, as described in subsection 2 of NAC 687B.025, which endorses or sells long-term care insurance to its members, shall educate its members concerning general issues involving long-term care so that its members can make informed decisions regarding the long-term care insurance.2. The professional, trade or occupational association shall provide objective information regarding long-term care insurance contracts or certificates endorsed or sold by the association and ensure that members of the association receive a complete explanation of the features in the long-term care insurance contracts or certificates that are being endorsed or sold.3. The professional, trade or occupational association shall disclose in any solicitation for long-term care insurance: (a) The specific nature and amount of compensation, including all fees, commissions and other forms of financial support, that the association receives from endorsement or sale of long-term care insurance contracts or certificates to its members; and(b) A brief description of the process under which such contracts and the insurer issuing such contracts were selected.4. If a professional, trade or occupational association and an insurer have common ownership or management, the association shall disclose that fact to its members.5. The board of directors of a professional, trade or occupational association which sells or endorses long-term care insurance contracts or certificates shall review and approve the long-term care insurance contracts and the agreement regarding compensation it receives from endorsement or sale of long-term care insurance contracts or certificates to its members.6. A professional, trade or occupational association shall: (a) Actively monitor the efforts regarding marketing of the insurer and its agents or other producers;(b) Review and approve all marketing materials or other communications regarding long-term care insurance contracts or certificates used to promote sales or sent to members; and(c) At the time that the association decides to endorse long-term care insurance, engage the services of a person with expertise in long-term care insurance not affiliated with the insurer to conduct an examination of the long-term care insurance contracts, including their benefits, features and rates, and update the examination thereafter in the event of material change. The provisions of this subsection do not apply to a qualified long-term care insurance contract.
7. Any insurer who offers long-term care insurance that is endorsed or sold by a professional, trade or occupational association shall file with the Division:(a) The long-term care insurance contract or certificate;(b) A corresponding outline of coverage; and(c) All advertisements requested by the Division.Nev. Admin. Code § 687B.114
Added to NAC by Comm'r of Insurance, eff. 12-15-94; A by R028-10, 12-16-2010, eff. 10-1-2011