90.308 - “Viatical settlement investment” defined. - Nevada Statutes

90.308  “Viatical settlement investment” defined.  “Viatical settlement investment” means the contractual right to receive a specified portion of the death benefit or ownership of a life insurance policy or certificate in exchange for consideration that is less than the dollar amount of the expected death benefit of the life insurance policy or certificate. The term does not include:

      1.  A transaction between a viator and a provider of viatical settlements;

      2.  A transfer of ownership or beneficial interest in a life insurance policy from a provider of viatical settlements to another provider of viatical settlements, or to a legal entity formed solely for the purpose of holding ownership or beneficial interest in a life insurance policy or policies;

      3.  The bona fide assignment of a life insurance policy to a bank, savings bank, savings and loan association, credit union or other licensed lending institution as collateral for a loan; or

      4.  The exercise of accelerated benefits pursuant to the terms of a life insurance policy issued in accordance with title 57 of NRS.

      (Added to NRS by 2009, 1824)

      NRS 90.309  “Viator” defined.  “Viator” has the meaning ascribed to it in NRS 688C.150, except that for the purposes of this chapter, a viator need not be a resident of this State.

      (Added to NRS by 2009, 1825)