NRS 690A.063
Commencement of consumer credit insurance

  • prohibited charging or retention of payment.

1.

Except as otherwise provided in this section, for consumer credit insurance that is made available to and elected by a debtor before or with the credit transaction to which it relates, the term of the insurance must, subject to acceptance by the insurer, commence on the date on which the debtor becomes obligated to the creditor. If the insurer requires evidence of individual insurability and the evidence is provided to the insurer more than 30 days after the date on which the debtor becomes obligated to the creditor, the insurance may commence on the date on which the insurer determines the evidence to be satisfactory.

2.

Except as otherwise provided in this section, for consumer credit insurance that is made available to and elected by a debtor after the credit transaction to which it relates, the term of the insurance must, subject to acceptance by the insurer, commence on a date not earlier than the date the election is made by the debtor and not later than 30 days after the date on which the insurance company accepts the risk for coverage. If the coverage does not commence on the date on which the insurance company accepts the risk for coverage, the date that coverage commences must be related to an objective method for determining the date, including, without limitation, the billing cycle, the payment cycle or a calendar month.

3.

If a group policy provides coverage with respect to debts existing on the effective date of the policy, the insurance related to a debt must not commence before the effective date of the group policy.

4.

A creditor or insurer shall not charge or retain payment from a debtor before commencement of the insurance to which the charge is related.

Source: Section 690A.063 — Commencement of consumer credit insurance; prohibited charging or retention of payment., https://www.­leg.­state.­nv.­us/NRS/NRS-690A.­html#NRS690ASec063.

690A.010
Scope. 690A.011
Definitions. 690A.012
“Compensation” defined. 690A.015
“Credit insurance” and “consumer credit insurance” defined. 690A.016
“Credit life insurance” defined. 690A.017
“Creditor” defined. 690A.018
“Debtor” defined. 690A.045
Amounts of credit life insurance. 690A.050
Amounts of credit accident and health insurance or credit unemployment insurance. 690A.055
Combinations of consumer credit insurance 690A.063
Commencement of consumer credit insurance 690A.067
Term and cancellation of consumer credit insurance. 690A.073
Required disclosures. 690A.075
Acceptance of insurance by insurer other than named insurer 690A.077
Policies and certificates of insurance: Contents 690A.083
Delivery of application or notice of proposed insurance 690A.085
Policies, forms and schedules: Filing 690A.087
Adoption of forms by regulation 690A.093
Establishment of reasonable rates by regulation 690A.095
Filing of revised schedule of premium rates. 690A.097
Refund of unearned premiums 690A.103
Payment for consumer credit insurance without issuance of individual policy or group certificate. 690A.107
Amount charged for consumer credit insurance. 690A.120
Issuance of policies and certificates of consumer credit insurance. 690A.130
Claims. 690A.0135
“Credit accident and health insurance” defined. 690A.140
Existing insurance 690A.0163
“Credit transaction” defined. 690A.0167
“Credit unemployment insurance” defined. 690A.0195
“Gross debt” defined. 690A.0205
“Identifiable charge” defined. 690A.0243
“Net debt” defined. 690A.0247
“Open-end credit” defined. 690A.260
Transfers to unauthorized insurer. 690A.273
Creditor as agent of insurer. 690A.277
Regulations. 690A.280
Administrative penalties
Last Updated

Feb. 5, 2021

§ 690A.063’s source at nv​.us