Nevada Revised Statutes 687B.310 – Cancellations and nonrenewals; scope of application
1. NRS 687B.310 to 687B.420, inclusive, apply to all binders and all contracts of insurance the general terms of which are required to be approved or are subject to disapproval by the Commissioner, except as otherwise provided by statute or by rule pursuant to subsection 3.
Terms Used In Nevada Revised Statutes 687B.310
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Statute: A law passed by a legislature.
2. The contract may provide terms more favorable to policyholders than are required by NRS 687B.310 to 687B.420, inclusive.
3. The Commissioner may by rule exempt from NRS 687B.310 to 687B.420, inclusive, classes of insurance contracts where the policyholders do not need protection against arbitrary termination.
4. The rights provided by NRS 687B.310 to 687B.420, inclusive, are in addition to and do not prejudice any other rights the policyholder may have at common law or under other statutes.
5. NRS 687B.310 to 687B.420, inclusive, do not prevent the rescission or reformation of any life or health insurance contract not otherwise denied by the terms of the contract or by any other statute.
6. Any notice to an insured required pursuant to NRS 687B.320 to 687B.350, inclusive, must be personally delivered to the insured or mailed first class or certified to the insured at the address of the insured last known by the insurer. The notice must state the effective date of the cancellation or nonrenewal and be accompanied by a written explanation of the specific reasons for the cancellation or nonrenewal.