Nevada Administrative Code
Chapter 687B - Contracts of Insurance
CONTRACTS FOR LONG-TERM CARE
Section 687B.114 - Responsibilities of professional, trade or occupational association which endorses or sells contracts or certificates to members

Universal Citation: NV Admin Code 687B.114

Current through December 31, 2024

1. A professional, trade or occupational association, as described in subsection 2 of NAC 687B.025, which endorses or sells long-term care insurance to its members, shall educate its members concerning general issues involving long-term care so that its members can make informed decisions regarding the long-term care insurance.

2. The professional, trade or occupational association shall provide objective information regarding long-term care insurance contracts or certificates endorsed or sold by the association and ensure that members of the association receive a complete explanation of the features in the long-term care insurance contracts or certificates that are being endorsed or sold.

3. The professional, trade or occupational association shall disclose in any solicitation for long-term care insurance:

(a) The specific nature and amount of compensation, including all fees, commissions and other forms of financial support, that the association receives from endorsement or sale of long-term care insurance contracts or certificates to its members; and

(b) A brief description of the process under which such contracts and the insurer issuing such contracts were selected.

4. If a professional, trade or occupational association and an insurer have common ownership or management, the association shall disclose that fact to its members.

5. The board of directors of a professional, trade or occupational association which sells or endorses long-term care insurance contracts or certificates shall review and approve the long-term care insurance contracts and the agreement regarding compensation it receives from endorsement or sale of long-term care insurance contracts or certificates to its members.

6. A professional, trade or occupational association shall:

(a) Actively monitor the efforts regarding marketing of the insurer and its agents or other producers;

(b) Review and approve all marketing materials or other communications regarding long-term care insurance contracts or certificates used to promote sales or sent to members; and

(c) At the time that the association decides to endorse long-term care insurance, engage the services of a person with expertise in long-term care insurance not affiliated with the insurer to conduct an examination of the long-term care insurance contracts, including their benefits, features and rates, and update the examination thereafter in the event of material change.

The provisions of this subsection do not apply to a qualified long-term care insurance contract.

7. Any insurer who offers long-term care insurance that is endorsed or sold by a professional, trade or occupational association shall file with the Division:

(a) The long-term care insurance contract or certificate;

(b) A corresponding outline of coverage; and

Added to NAC by Comm'r of Insurance, eff. 12-15-94; A by R028-10, 12-16-2010, eff. 10-1-2011

NRS 679B.130

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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