NRS 688C.200
Investigation of applicant and issuance of license

  • evidence of financial responsibility
  • provision of new or revised information to Commissioner.

1.

Upon the filing of an application and payment of all applicable fees, the Commissioner shall investigate the applicant, and issue a license if the Commissioner finds that the applicant:

(a)

If a provider of viatical settlements, has set forth a detailed plan of operation;

(b)

Is competent and trustworthy and intends to act in good faith in the capacity for which the license is sought;

(c)

Has a good reputation in business and, if a natural person, has had experience, training or education which qualifies the applicant in that capacity;

(d)

If an organization, provides a certificate of good standing from the state of its domicile; and

(e)

If a provider or broker of viatical settlements:

(1)

Has included a plan to prevent fraud which satisfies the requirements of NRS 688C.490; and

(2)

Has demonstrated evidence of financial responsibility through either:
(I) A surety bond executed and issued by an authorized surety in favor of the State of Nevada, continuous in form and in an amount as determined by the Commissioner, of not less than $250,000; or
(II) A deposit of cash, certificates of deposit, securities or any combination thereof in the amount of $250,000.

2.

The Commissioner shall not issue a license to a nonresident unless a written designation of an agent for service of process, or an irrevocable written consent to the commencement of an action against the applicant by service of process upon the Commissioner, accompanies the application.

3.

A provider or broker of viatical settlements shall furnish to the Commissioner new or revised information concerning partners, members, officers, holders of more than 10 percent of its stock, and designated employees within 30 days after a change occurs.

4.

Notwithstanding any provision of this section to the contrary, the Commissioner shall accept as evidence of financial responsibility proof that financial instruments complying with the requirements of this section have been filed with a state where the applicant is licensed as a provider or broker of viatical settlements.

5.

A surety bond issued for the purposes of this section must specifically authorize recovery by the Commissioner on behalf of any person in this State who sustained damages as a result of:

(a)

Erroneous acts;

(b)

Failure to act; or

(c)

Conviction of:

(1)

Fraud; or

(2)

Unfair practices,
Ê by the provider or broker of viatical settlements.

6.

The Commissioner may request evidence of financial responsibility as described in subparagraph (2) of paragraph (e) of subsection 1 at any time the Commissioner deems necessary.

Source: Section 688C.200 — Investigation of applicant and issuance of license; evidence of financial responsibility; provision of new or revised information to Commissioner., https://www.­leg.­state.­nv.­us/NRS/NRS-688C.­html#NRS688CSec200.

688C.170
Regulations of Commissioner. 688C.175
Applicability of other statutes. 688C.180
Examinations and investigations by Commissioner. 688C.190
License to operate as investment agent, provider or broker: General requirements 688C.200
Investigation of applicant and issuance of license 688C.210
Suspension, revocation or refusal of license 688C.212
Certain financial planners must be licensed as insurance consultants. 688C.213
Probation of broker or investment agent of viatical settlements for acting in bad faith. 688C.214
Action against producer of life insurance for acting in bad faith. 688C.215
License to operate as investment agent or broker not required for certain producers of insurance. 688C.220
Filing and approval of forms 688C.230
Filing of annual statement 688C.240
Retention of records and documents. 688C.242
Viatical settlement investment agent: Representation of provider. 688C.244
Viatical settlement investment agent: Identity of or communication with viator or insured. 688C.250
Disclosures to viator upon or before execution of application for settlement. 688C.260
Disclosures to viator upon or before execution of settlement. 688C.262
Disclosure to purchaser of viatical settlement 688C.264
Additional disclosure to purchaser of viatical settlement. 688C.266
Form of certain disclosures. 688C.268
Disclosure to issuer of policy. 688C.270
Prerequisites to entry by viator into settlement within 5 years after issuance of policy 688C.275
Restrictions on business of broker of viatical settlements and provider of viatical settlements. 688C.280
Acquisition of certain documents by provider or broker before entry into settlement 688C.285
Insurer 688C.290
Submission by viator of certain documents to escrow agent 688C.300
Rescission of viatical settlement. 688C.310
Contact with insured to determine address and telephone or status of health after settlement. 688C.320
Confidentiality of medical information. 688C.330
Notice of transfer of ownership or change of beneficiary of viaticated policy by provider
Last Updated

Feb. 5, 2021

§ 688C.200’s source at nv​.us