Nev. Admin. Code § 688C.220

Current through October 11, 2024

Section 688C.220 - Annual report by provider of viatical settlements

1. On or before March 1 of each year, a provider of viatical settlements shall submit a report to the Commissioner that must include:

(a) The viatical settlements that the provider of viatical settlements entered into during the previous calendar year with a viator who is a resident of this State;

(b) The viatical settlements that the provider of viatical settlements entered into in which a death occurred during the previous calendar year;

(c) A statement by any partner, member, officer or authorized representative of the provider of viatical settlements certifying that the provider of viatical settlements was in compliance with the provisions of NAC 688C.130 during the previous calendar year;

(d) An attestation by any partner, member, officer or authorized representative of the provider of viatical settlements that the information contained in the report is true and accurate to the best of his knowledge, information and belief;

(e) The signature of any partner, member, officer or authorized representative of the provider of viatical settlements; and

(f) The date on which the partner, member, officer or authorized representative of the provider of viatical settlements signed the report.

2. For each viatical settlement that a provider of viatical settlements must report pursuant to paragraph (a) of subsection 1, the provider of viatical settlements shall submit to the Commissioner the following information:

(a) The date on which the viatical settlement was entered;

(b) The state in which the viator resided at the time of the viatical settlement;

(c) The mean life expectancy in months of the insured at the time of the viatical settlement;

(d) The face value of the benefit of the policy purchased;

(e) The net death benefit of the policy purchased;

(f) The estimated total of premiums that will be required to be paid to keep the policy in force for the mean life expectancy of the insured;

(g) The net amount paid to the viator;

(h) If the policy was purchased from a person other than the original viator, the name of the person from whom the policy was purchased;

(i) Whether the policy was issued as an individual policy or as part of a group policy;

(j) Whether the viatical settlement was entered into during the contestable period in the policy, the period for exclusion for deaths because of suicide in the policy or both the contestable period and the period for exclusion for deaths because of suicide in the policy;

(k) The type of funding used to pay the viatical settlement;

(l) The applicable rating by a rating service recognized by the insurance industry of the insurance company that issued the policy at the time the viator enters into the viatical settlement; and

(m) Whether the insured suffered from:

(1) A disease of the cardiovascular system;

(2) A disease of the central nervous system;

(3) A disease of the peripheral nervous system;

(4) A disease associated with old age;

(5) An infectious disease;

(6) A disease of the autoimmune system;

(7) A disease of the liver or renal system;

(8) Neoplasms;

(9) Nonneoplastic diseases of the pulmonary system; or

(10) A disease or injury not listed in subparagraphs (1) to (9), inclusive.

3. For each viatical settlement that a provider of viatical settlements must report pursuant to paragraph (b) of subsection 1, the provider of viatical settlements shall submit to the Commissioner the following information:

(a) The date upon which the viatical settlement was entered;

(b) The state in which the viator resided at the time of the viatical settlement;

(c) The mean life expectancy in months of the insured at the time of the viatical settlement;

(d) The net death benefit received by the provider of viatical settlements;

(e) The total of premiums paid to keep the policy in force before the death of the insured;

(f) The net amount paid to the viator;

(g) The date of death of the insured;

(h) The number of months between the date of the viatical settlement and the date of death of the insured;

(i) The difference between:

(1) The number of months between the date of the viatical settlement and the date of death of the insured; and

(2) The mean life expectancy in months of the insured as determined by the provider of viatical settlements;

(j) Whether the policy was issued as an individual policy or as part of a group policy;

(k) Whether the viatical settlement was entered into during the contestable period in the policy, the period for exclusion for deaths because of suicide in the policy or both the contestable period and the period for exclusion for deaths because of suicide in the policy; and

(l) Whether the insured died from: