NAC688C.130. Provider of viatical settlements: Maintenance of surety bond, policy of insurance or other form of security.

     1. A provider of viatical settlements shall, as a condition of doing business, deposit with the Commissioner and keep in full force and effect a surety bond in the amount of $500,000. In lieu of the bond, a provider of viatical settlements may:

     (a) Maintain a policy of insurance covering the errors and omissions of the provider of viatical settlements and any partner, member, officer or employee of the provider of viatical settlements; or

     (b) Deposit with the Commissioner, under such terms and conditions as the Commissioner may prescribe, a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065.

     2. A provider of viatical settlements must provide to the Commissioner, upon request, proof of his compliance with the provisions of this section.

     3. A provider of viatical settlements shall not cancel the surety bond or insurance policy or withdraw any cash or security deposited with the Commissioner unless, at least 30 days before the cancellation or withdrawal, he provides written notice to the Commissioner.

     (Added to NAC by Comm’r of Insurance by R120-06, eff. 9-18-2006)