Nevada Administrative Code Chapter 687B - Contracts of Insurance
Nevada Administrative Code (NAC) Chapter 687B – Contracts of Insurance governs provisions related to the issuance, terms, enforcement, and regulation of insurance policies in the state of Nevada. This chapter works in conjunction with NRS 687B and outlines the administrative rules that ensure fair practices and protections for both insurers and policyholders.
📘 Key Areas Covered in NAC Chapter 687B:
Policy Standards and Requirements
Minimum standards for policy readability and formatting.
Requirements for policy disclosures, especially related to exclusions, limitations, and renewability.
Cancellation and Nonrenewal
Rules regarding notice periods for cancellation or nonrenewal of policies by insurers.
Specific timelines and allowable reasons for cancellation (e.g., nonpayment of premium, fraud).
Disclosure Requirements
Mandates disclosures regarding policyholder rights and insurer obligations.
Includes provisions for health insurance, life insurance, and annuity contracts.
Claim Settlement Practices
Outlines standards for timely investigation and payment of claims.
Ensures fair handling and communication with insured parties during claims.
Special Provisions for Certain Types of Insurance
May include specific rules for group insurance, credit insurance, or long-term care insurance, aligning with federal requirements when applicable.
Unfair Trade Practices
Provisions to prevent misleading or deceptive policy language.
Coordination with NAC 686A on fraudulent or unfair practices in contracts.
Free Look Periods
Allows policyholders a grace period (e.g., 10 days) to review and cancel new policies without penalty.
RELATED Blog
0 comments