NAC688A.115. Applicability of provisions.

     1. NAC 688A.110 to 688A.180, inclusive, apply to:

     (a) Any solicitation, negotiation or procurement of:

          (1) Annuity contracts; or

          (2) Deposit funds accepted in conjunction with individual life insurance policies or with annuity contracts which are subject to NAC 688A.110 to 688A.180, inclusive, within this State;

     (b) Any issuer of life insurance policies or annuity contracts, including fraternal benefit societies;

     (c) Individual deferred annuities other than variable annuities, investment annuities and contracts registered with the Federal Securities and Exchange Commission; and

     (d) Deposit fund arrangements under which amounts to accumulate at interest are paid in addition to life insurance premiums or annuity considerations under provisions of individual life insurance policies or annuity contracts.

     2. NAC 688A.110 to 688A.180, inclusive, do not apply to:

     (a) Group annuity contracts whose costs are borne in whole or in part by the annuitant’s employer or by an association of which the annuitant is a member. The cost of a contract must not be deemed to be borne by an annuitant’s employer to the extent the annuitant’s salary is reduced or the annuitant foregoes a salary increase;

     (b) Immediate annuity contracts;

     (c) Policies or contracts issued in connection with employee benefit plans as defined by Section 3 (3) of the Federal Employee Retirement Income Security Act of 1974, as amended;

     (d) Individual retirement accounts and individual retirement annuities as described in Section 408 of the Federal Internal Revenue Code;

     (e) A single advance payment of specific premiums equal to the discounted value of the premiums; or

     (f) A policyholder’s deposit account established primarily to facilitate payment of regular premiums, and where the anticipated balance of the account does not exceed twice the sum of the premiums payable in 1 year on all policies for which premiums are being paid from the account.

     3. NAC 688A.110 to 688A.180, inclusive, apply to all solicitations which commence on or after April 1, 1980.

     [Comm’r of Insurance, LH-7 § 3, eff. 2-6-80]