Nevada Revised Statutes 690A.130 – Claims: Reporting to insured; maintenance by insurer; settlement; payment
1. All claims must be promptly reported to the insurer or its designated representative, and the insurer shall maintain adequate files on all reported claims. All claims must be settled as soon as practicable and in accordance with the terms of the insurance contract.
Terms Used In Nevada Revised Statutes 690A.130
- Contract: A legal written agreement that becomes binding when signed.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. All claims must be paid by draft drawn upon the insurer, by electronic funds transfer or by check of the insurer to the order of:
(a) The claimant to whom payment of the claim is due pursuant to the provisions of the policy; or
(b) Any other person designated by the claimant to whom payment is due.
3. A plan or arrangement may not be used whereby a person other than the insurer or its designated claim representative is authorized to settle or adjust claims. The creditor may not be designated as the representative for the insurer in adjusting a claim, except that a group policyholder may, by arrangement with the group insurer, draw drafts, electronic transfers or checks in payment of claims due the group policyholder subject to the periodic audit by the insurer.