Section 686A.4765 - Annual report on status of policy: When required; contents1. Except as otherwise provided in subsection 2, if a policy is designated pursuant to NAC 686A.471 as one for which an illustration will be used, the insurer shall provide each policy owner with an annual report on the status of the policy. The report must set forth: (a) For a policy of universal life insurance: (1) The beginning and end date of the current reporting period;(2) The value of the policy at the end of the previous reporting period and at the end of the current reporting period;(3) The total amounts that have been credited to or debited from the value of the policy during the current reporting period, identifying each by type, including, without limitation, credits and debits related to interest, mortality, expenses and riders;(4) The death benefit at the end of the current reporting period for each life covered by the policy;(5) The net cash surrender value of the policy at the end of the current reporting period;(6) The amount of outstanding loans, if any, at the end of the current reporting period;(7) If the policy requires the payment of fixed premiums and the policy's net cash surrender value will not maintain insurance in force until the end of the next reporting period, a notice to this effect; and(8) If the policy allows the payment of flexible premiums and the policy's net cash surrender value will not maintain insurance in force until the end of the next reporting period unless additional premiums are paid, a notice to this effect.(b) For any other policy:(1) The current death benefit;(2) The annual contract premium;(3) The current cash surrender value of the policy;(4) The current dividend;(5) The application of the current dividend; and(6) The amount of any outstanding loan.2. If the policy does not build nonforfeiture values, an annual report is required only for those years in which a change has been made to nonguaranteed elements by the insurer.3. If an adverse change in nonguaranteed elements that could affect the policy has been made by the insurer since the last annual report, the annual report must contain a notice of that fact and the nature of the change. The notice must be prominently displayed.4. If the annual report does not include an in-force illustration, it must contain a statement in substantially the following form: IMPORTANT NOTICE TO THE POLICY OWNER
You should consider requesting more detailed information about your policy to understand how it may perform in the future. You should not consider replacement of your policy or make changes in your coverage without requesting a current illustration. You may annually request such an illustration, without charge, by calling your insurer's telephone number, writing to the insurer or contacting your agent. If you do not receive a current illustration of your policy within 30 days after your request, you should contact the insurance division of your state.
Nev. Admin. Code § 686A.4765
Added to NAC by Comm'r of Insurance by R089-97, eff. 1-14-98