NAC683A.315. Sale of annuities by banks: Required disclosures.

     1. A bank licensed by the Commissioner to sell annuities shall disclose to its customers that the annuities sold by the bank:

     (a) Are not insured by the Federal Deposit Insurance Corporation;

     (b) Are not obligations of the bank;

     (c) Are not guaranteed by the bank; and

     (d) Involve investment risks, including the possible loss of principal.

     2. The disclosure must be:

     (a) Printed on or attached to each policy or advertisement for the sale of an annuity which is provided by the bank to its customers; and

     (b) Printed in at least 10-point type.

     3. A bank which fails to comply with the provisions of this section is subject to disciplinary action by the Commissioner pursuant to NRS 683A.451 to 683A.490, inclusive.

     (Added to NAC by Comm’r of Insurance, eff. 12-15-94; A by R172-01, 7-5-2002)