688B.180 - Application of dividends; rate reductions. - Nevada Statutes

688B.180  Application of dividends; rate reductions.

      1.  If a policy dividend is declared after January 1, 1972, or a reduction in rate is made after January 1, 1972, or continued for the first or any subsequent year of insurance under any policy of group life insurance issued before, on or after January 1, 1972, to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under such a policy and all other group insurance policies of the policyholder over the aggregate expenditure for insurance under such policies made from money contributed by the policyholder, or by an employer of insured persons, or by a union or association to which the insured persons belong, including expenditures made in connection with administration of such policies, must be applied by the policyholder for the sole benefit of insured employees or members.

      2.  This section does not apply to debtor groups.

      (Added to NRS by 1971, 1751; A 1997, 1626)

      NRS 688B.190  Proceeds of benefits to be paid within 30 days after death of insured.  An insurer shall pay the proceeds of any benefits under a group life insurance policy not more than 30 days after the death of the insured. If the proceeds are not paid within this period, the insurer shall pay interest on the proceeds, at a rate that is not less than the current rate of interest on death proceeds on deposit with the insurer, from the date of death of the insured to the date when the proceeds are paid.

      (Added to NRS by 1997, 3033)