NAC688C.160. Payment to viator: Method; retention of portion of proceeds.

     1. A provider of viatical settlements shall pay the proceeds of the viatical settlement to the viator:

     (a) By wire transfer to an account of the viator;

     (b) By a certified check made payable to the viator; or

     (c) By a cashier’s check made payable to the viator.

     2. Except as otherwise provided in subsections 3 and 4, payment of the proceeds of a viatical settlement to a viator must be made in a single payment.

     3. A viatical settlement may provide that the provider of viatical settlements shall purchase an annuity or similar financial instrument naming the viator as the beneficiary as payment for the viatical settlement.

     4. If the viator provides specific written consent, a viatical settlement may provide that the provider of viatical settlements may retain a portion of the proceeds of the viatical settlement. A viatical settlement that provides for the retention of a portion of the proceeds must state:

     (a) The amount that will be retained;

     (b) Whether the amount will be retained by the provider of viatical settlements or an independent escrow agent; and

     (c) When the amount retained will be paid to the viator.

     (Added to NAC by Comm’r of Insurance by R180-03, eff. 11-15-2004)