Nevada Revised Statutes
Chapter 688C - Viatical Settlements
NRS 688C.050 - "Chronically ill" defined.

"Chronically ill" means:
1. Being unable to perform at least two activities of daily living, such as eating, moving from one place to another, bathing, dressing, continence, defecation or urination;
2. Requiring substantial supervision for protection from threats to health and safety because of cognitive impairment; or
3. Having a level of disability similar to that described in subsection 1 as determined by the Secretary of Health and Human Services.
(Added to NRS by 2001, 2167)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 688C - Viatical Settlements

NRS 688C.010 - Definitions.

NRS 688C.020 - "Advertising" defined.

NRS 688C.030 - "Broker of viatical settlements" defined.

NRS 688C.040 - "Business of viatical settlements" defined.

NRS 688C.050 - "Chronically ill" defined.

NRS 688C.060 - "Financing agent" defined.

NRS 688C.070 - "Policy" defined.

NRS 688C.080 - "Provider of viatical settlements" defined.

NRS 688C.090 - "Purchaser of viatical settlements" defined.

NRS 688C.095 - "Rescission period" defined.

NRS 688C.100 - "Special organization" defined.

NRS 688C.110 - "Terminally ill" defined.

NRS 688C.130 - "Viatical settlement" defined.

NRS 688C.133 - "Viatical settlement investment" defined.

NRS 688C.135 - "Viatical settlement investment agent" and "investment agent of viatical settlements" defined.

NRS 688C.137 - "Viatical settlement purchase agreement" defined.

NRS 688C.140 - "Viaticated policy" defined.

NRS 688C.150 - "Viator" defined.

NRS 688C.160 - Governing law when residents of different states are viators or purchasers of viatical settlements with respect to single policy.

NRS 688C.170 - Regulations.

NRS 688C.175 - Applicability of other provisions.

NRS 688C.180 - Examinations and investigations by Commissioner.

NRS 688C.190 - License to operate as investment agent or provider or broker of viatical settlements: Required application; renewal; expiration; fees; information regarding certain persons; effect; exception.

NRS 688C.200 - Investigation of applicant; issuance of license; requirements regarding evidence of financial responsibility; requirements regarding service of process for nonresident; provision of certain new or revised information to Commissioner.

NRS 688C.210 - Suspension, revocation or refusal of license: Grounds; limitation on suspension period for certain grounds; application for hearing.

NRS 688C.212 - Financial planner who performs certain activities related to viatical settlements required to be licensed as insurance consultant. [Effective through June 30, 2022.] Financial planner who performs certain activities related to viatical...

NRS 688C.213 - Probation of broker or investment agent of viatical settlements for acting in bad faith.

NRS 688C.214 - Action by Commissioner against producer of life insurance for violation or acting in bad faith regarding viator; application for hearing.

NRS 688C.215 - License to operate as investment agent or broker of viatical settlements not required for certain producers of insurance; registration with Division and compliance with certain provisions required; fee; penalty.

NRS 688C.220 - Filing and approval of forms; submission of advertising material.

NRS 688C.230 - Filing by licensee of annual statement; confidentiality of information; authorized disclosure of identity of insured; regulations.

NRS 688C.240 - Retention of records and documents by licensee.

NRS 688C.242 - Viatical settlement investment agent: Representation of appointing or contracting provider of viatical settlements.

NRS 688C.244 - Viatical settlement investment agent: Knowledge of identity of or communication with viator or insured prohibited.

NRS 688C.250 - Disclosures required to be furnished by provider or broker of viatical settlements to viator upon or before execution of application for settlement.

NRS 688C.260 - Disclosures required to be furnished by provider of viatical settlements to viator upon or before execution of settlement.

NRS 688C.262 - Disclosures required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement before execution of settlement; provision of certain brochure.

NRS 688C.264 - Additional disclosure required to be provided by provider of viatical settlements or viatical settlement investment agent to purchaser of viatical settlement upon or before date of assignment, transfer or sale of policy.

NRS 688C.266 - Form of certain disclosures.

NRS 688C.268 - Disclosure required to issuer of policy by broker or provider of viatical settlements who is party to plan or transaction related to policy before or during certain period after issuance of policy.

NRS 688C.270 - Prerequisites to entry by viator into settlement within 5 years after issuance of policy; submission of independent evidence or certification to insurer.

NRS 688C.275 - Restrictions on business of broker and provider of viatical settlements.

NRS 688C.280 - Acquisition of certain documents by provider or broker of viatical settlements before entry into settlement; notice to issuer of policy; requests for and responses related to verification of coverage.

NRS 688C.285 - Insurer prohibited in certain circumstances from requiring viator, insured or provider or broker of viatical settlements from signing form or disclosure not approved by Commissioner for use in connection with viatical settlements.

NRS 688C.290 - Submission by viator of certain documents to escrow agent; duties of escrow agent; payment of viator.

NRS 688C.300 - Rescission of viatical settlement.

NRS 688C.310 - Limitations on contact with insured to determine address and telephone or status of health after settlement; applicability.

NRS 688C.320 - Confidentiality of medical information solicited or obtained by licensee.

NRS 688C.330 - Notice to insured of transfer of ownership or change of beneficiary of viaticated policy by provider of viatical settlements; response by insurer to request for such change; prohibited acts by insurer.

NRS 688C.350 - Applicability and interpretation of provisions.

NRS 688C.360 - Establishment and maintenance by licensee of system of control; responsibility for advertisements.

NRS 688C.370 - Advertisements: Avoidance of deception; filing of materials with Commissioner; regulations.

NRS 688C.380 - Text of information required to be disclosed; use of misleading omissions, language or illustrations; use of name or title of insurer or policy; prohibited statements, implications and words.

NRS 688C.390 - Use of testimonial, endorsement, appraisal, analysis or statistical information.

NRS 688C.400 - Prohibited disparagement.

NRS 688C.410 - Identification of provider, viatical settlement and agreement to purchase viatical settlement; statement of name of licensee.

NRS 688C.420 - Use of words, symbols or physical materials similar to those of governmental program or agency; creation of impression of governmental recommendation or endorsement; statements regarding licensing.

NRS 688C.430 - Disclosures required when emphasizing speed of viatication or monetary amounts available.

NRS 688C.440 - Interference with enforcement of chapter or investigation of possible violation unlawful; permitting person convicted of certain felonies to participate in business of viatical settlements unlawful.

NRS 688C.450 - Felonious acts.

NRS 688C.460 - Provision to Commissioner of information regarding felonious acts.

NRS 688C.470 - Immunity of persons providing information regarding felonious acts; award of attorney’s fees and costs.

NRS 688C.480 - Confidentiality and disclosure of certain documents and information regarding felonious acts.

NRS 688C.490 - Establishment, maintenance and modification by licensees of certain protective measures against fraud; confidentiality of plan submitted to Commissioner.

NRS 688C.500 - Statement related to false information required on application or contract for viatical settlement; effect.

NRS 688C.510 - Injunctive and other relief; administrative fine; restitution; civil action; rescission.