NAC688A.120. Contract summary: Provision to prospective purchasers.

     1. The insurer shall provide to all prospective purchasers a contract summary before accepting the applicant’s initial consideration for the annuity contract or, in the case of a deposit fund, before accepting the applicant’s initial consideration for the associated life insurance policy or annuity contract, unless:

     (a) The annuity contract or associated life insurance policy for which application is made provides for an unconditional refund period of at least 10 days; or

     (b) Unless the contract summary contains an unconditional refund offer of at least 10 days, in which case the contract summary must be delivered with or before delivery of the annuity contract or associated life insurance policy.

     2. The insurer shall provide a contract summary to any prospective purchaser upon request.

     [Comm’r of Insurance, LH-7 § 4, eff. 2-6-80]