Nevada Administrative Code (Last Updated: January 6, 2015)

NAC690A.055. Credit life insurance: Written certification.

Latest version.

     1. Each insurer wishing to provide coverage under a policy of credit life insurance shall, before offering that coverage in this State, certify in writing that the policy:

     (a) Complies with the provisions of NRS 690A.045; and

     (b) Does not include a provision for the payment of unearned interest.

     2. The written certification required pursuant to subsection 1 must be:

     (a) Signed by an officer of the insurer and a qualified actuary; and

     (b) Filed with the Commissioner.

     3. An insurer may provide coverage under any policy of credit life insurance, including, without limitation, credit life insurance using a balloon payment, that is consistent with the provisions of this section and approved by the Commissioner.

(Added to NAC by Comm’r of Insurance by R145-08, eff. 9-18-2008)

                    
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