NRS 688C.280
Acquisition of certain documents by provider or broker before entry into settlement

  • notice to issuer of policy
  • requests for verification of coverage.

1.

A provider of viatical settlements who enters into a settlement shall first obtain:

(a)

If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a settlement;

(b)

A witnessed document in which the viator:

(1)

Consents to the viatical settlement;

(2)

Represents that he or she has a full and complete understanding of the settlement and of the benefits of the policy;

(3)

Acknowledges that he or she has entered into the settlement freely and voluntarily; and

(4)

If applicable to determine a payment to a person terminally or chronically ill, acknowledges that he or she is terminally or chronically ill and that the illness was diagnosed after the policy was issued; and

(c)

A document in which the insured consents to the release of his or her medical records to a provider or broker of viatical settlements and the insurer that issued the policy covering the insured.

2.

Within 20 days after a viator executes documents necessary to transfer rights under a policy, or enters into an agreement in any form, express or implied, to viaticate the policy, the provider of viatical settlements shall give written notice to the issuer of the policy that the policy has or will become viaticated. The notice must be accompanied by:

(a)

A copy of the release of medical records;

(b)

The application for the viatical settlement; and

(c)

A request for verification of coverage.

3.

Any of the acts described in subsections 1 and 2, if performed by a broker of viatical settlements, will be deemed to have been performed by the provider of viatical settlements for the purposes of fulfilling the requirements of subsections 1 and 2.

4.

Within 30 days after receiving a request for verification of coverage from a provider or broker of viatical settlements, an insurer shall respond by:

(a)

Verifying coverage; and

(b)

Indicating whether, on the basis of the medical evidence and documents provided, the insurer intends to pursue an investigation regarding the validity of the insurance or possible fraud.

Source: Section 688C.280 — Acquisition of certain documents by provider or broker before entry into settlement; notice to issuer of policy; requests for verification of coverage., https://www.­leg.­state.­nv.­us/NRS/NRS-688C.­html#NRS688CSec280.

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.280’s source at nv​.us