Nevada Revised Statutes 688C.330 – Notice to insured of transfer of ownership or change of beneficiary of viaticated policy by provider of viatical settlements; response by insurer to request for such change; prohibited acts by insurer
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.
Terms Used In Nevada Revised Statutes 688C.330
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
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.