NRS 688C.290
Submission by viator of certain documents to escrow agent

  • duties of escrow agent
  • payment of viator.

1.

A provider of viatical settlements shall instruct the viator to send the executed documents required to effect the change in ownership or assignment or change of beneficiary of the affected policy to a designated independent escrow agent. Within 3 business days after the date the escrow agent receives the documents, or within 3 business days after the provider receives the documents if by mistake they are sent directly to the provider, the escrow agent shall deposit the proceeds of the settlement into an escrow or trust account maintained in a regulated financial institution whose deposits are insured by the Federal Deposit Insurance Corporation.

2.

Upon deposit of the proceeds in that account, the escrow agent shall deliver to the provider the original documents executed by the viator. Upon the provider’s receipt from the insurer of an acknowledgment of the change in ownership or assignment or change of beneficiary of the affected policy, the provider shall instruct the escrow agent to pay the proceeds of the settlement to the viator.

3.

Payment to the viator must be made within 3 business days after the date the provider received the acknowledgment from the insurer. Failure to make the payment within that time makes the viatical settlement voidable by the viator for lack of consideration until payment is tendered to and accepted by the viator. Payment to the viator shall be deemed to have been made as of the date that the escrow agent:

(a)

Releases money for a wire transfer to the viator; or

(b)

Deposits a check for the amount of the proceeds with the United States Postal Service or with a commercially reasonable delivery service.

Source: Section 688C.290 — Submission by viator of certain documents to escrow agent; duties of escrow agent; payment of viator., https://www.­leg.­state.­nv.­us/NRS/NRS-688C.­html#NRS688CSec290.

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

Jun. 24, 2021

§ 688C.290’s source at nv​.us