Nev. Admin. Code § 690A.025

Current through October 11, 2024

Section 690A.025 - Disclosures to debtors: Approved form

1. Except as otherwise provided in NAC 690A.020, an insurer that issues a policy of consumer credit insurance must disclose the limitations set forth in subsection 2 in the manner set forth in subsection 2.

2. The form of the disclosure statement shall be deemed approved by the Commissioner if it is written as follows:

CONSUMER CREDIT DISCLOSURE FORM

NDOI-915

1. The purchase of consumer credit insurance from the creditor is not mandatory and is not a condition for obtaining credit approval;

2. If more than one type of consumer credit insurance is made available to you, your creditor will advise you that you may purchase each separately or only as a package;

3. Please refer to your certificate of coverage for the specific information regarding the conditions of eligibility;

4. If you have other insurance that covers the risk, you may not want or need consumer credit insurance;

5. You may cancel the insurance at any time, or if evidence of insurance is required for the extension of credit, upon proof of insurance that is acceptable to the creditor, and obtain a refund of or credit for:

(a) If the cancellation is not more than 30 days after you receive the individual policy or certificate of insurance, any premium paid by you; or

(b) If the cancellation is more than 30 days after you receive the individual policy or certificate of insurance, any unearned premium paid by you;

6. Please refer to your certificate of coverage for the specific information regarding these items: a description of the coverage, including a description of the amount, term, exceptions, limitations and exclusions, the insured event, any waiting or elimination period, any deductible, any applicable waiver of premium, the person who would receive any benefits, and the premium or premium rate for the consumer credit insurance; and

7. If the premium or insurance charge is financed, it will be subject to finance charges at the rate applicable to the credit transaction.

Nev. Admin. Code § 690A.025

Added to NAC by Comm'r of Insurance by R131-05, eff. 10-31-2005

NRS 679B.130, 690A.073, 690A.087, 690A.277