NAC687B.0565. Standards of suitability: Procedure when applicant does not meet standards or declines to provide information.

     1. If an insurer determines that an applicant does not meet the standards of suitability developed pursuant to NAC 687B.056, or if the applicant declines to provide any information required by NAC 687B.056, the insurer may:

     (a) Reject the application; or

     (b) Mail a letter to the applicant using form NDOI-950, which is available from the Division, or containing a statement that is substantially in the format of form NDOI-950.

     2. If an applicant declines to provide any financial information required pursuant to NAC 687B.056, the insurer may use any other method to verify the intent of the applicant.

     3. The insurer shall include in the file of the applicant:

     (a) The returned letter described in paragraph (b) of subsection 1; or

     (b) A record of the alternative method of verification of the intent of the applicant.

     (Added to NAC by Comm’r of Insurance by R121-07, 9-18-2008, eff. 10-1-2008; A by R028-10, 12-16-2010, eff. 10-1-2011)