688C.330 - Notice of transfer of ownership or change of beneficiary of viaticated policy by provider; response by insurer to request for change of ownership or beneficiary.

NEVADA STATUTES AND CODES

688C.330 - Notice of transfer of ownership or change of beneficiary of viaticated policy by provider; response by insurer to request for change of ownership or beneficiary.

688C.330 Notice of transfer of ownership or change of beneficiary of viaticated policy by provider; response by insurer to request for change of ownership or beneficiary.

1. If a provider of viatical settlements transfers ownership or changes the beneficiary of a viaticated policy, the provider shall inform the insured of the transfer or change within 20 days after it occurs.

2. If an insurer receives a request for change of ownership or beneficiary of a viaticated policy from a provider of viatical settlements, the insurer shall respond within 30 days after receipt thereof with written confirmation that the change has been effected or specifying the reasons why the requested change could not be effected.

3. An insurer shall not unreasonably delay in effecting a requested change of ownership or beneficiary requested for a viaticated policy by a provider of viatical settlements.

4. An insurer shall not seek to interfere with a viatical settlement lawfully entered into in this State.

(Added to NRS by 2001, 2172; A 2009, 1801)