NAC686A.495. Failure to disclose or provide certain information.

An insurer or producer of insurance engages in an unfair or deceptive act or practice in violation of NRS 686A.020 if the insurer or producer of insurance:

     1. Deploys, uses or contracts for any lead-generating material which is designed exclusively for use with active duty service members and which does not clearly and conspicuously disclose that the recipient of the material will be contacted by a producer of insurance, if that is the case, for the purpose of soliciting the purchase of a life insurance product.

     2. Fails to disclose, at the time of establishing a specific appointment for an in-person, face-to-face meeting with an active duty service member, that a solicitation for the purchase of a life insurance product will be made at the specific appointment.

     3. Except as otherwise provided in this subsection, fails to clearly and conspicuously disclose the fact that the product being sold is a life insurance product. This subsection does not apply to the sale of an individually issued annuity.

     4. Fails to make to a person known to be an active duty service member, at the time of sale of, or an offer to sell, a life insurance product, the written disclosures required by section 10 of the Military Personnel Financial Services Protection Act, Public Law 109-290, 120 Stat. 1317-26.

     5. When the sale of a life insurance product, other than an individually issued annuity, is conducted in person, face-to-face with a person known to be an active duty service member, fails to provide to the active duty service member at the time an application for the life insurance product is taken:

     (a) An explanation of any free look period with instructions on how to cancel a policy if a policy is issued; and

     (b) A copy of the application or a written disclosure. The copy of the application or the written disclosure must clearly and concisely set forth the type of life insurance product being sold, the death benefit for which the active duty service member applied and the expected first year cost. A basic illustration that meets the requirements of NAC 686A.460 to 686A.479, inclusive, and a buyer’s guide is sufficient to meet the requirements of this paragraph. As used in this paragraph, “basic illustration” has the meaning ascribed to it in NAC 686A.461.

     (Added to NAC by Comm’r of Insurance by R031-07, 8-31-2007, eff. 9-1-2007)