Nevada Revised Statutes 688D.110 – Notice to State Treasurer upon reversion by escheat; contents; transfer to State Treasurer of unclaimed benefit and interest; exception
‘ 1. An insurer shall notify the State Treasurer upon the reversion by escheat of a benefit under a policy of life insurance or an annuity. The notice must state that:
Terms Used In Nevada Revised Statutes 688D.110
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
(a) The beneficiary under the policy or annuity has failed to submit a claim with the insurer; and
(b) The insurer has complied with NRS 688D.090 and, after a good faith effort which has been documented pursuant to NRS 688D.090, has been unable to contact any beneficiary of the policy or annuity.
2. As soon as practicable after providing notice pursuant to subsection 1, an insurer shall transfer to the State Treasurer the amount of the unclaimed benefit owed under the policy of life insurance or annuity, including any accrued interest thereon.
3. The provisions of this section do not apply to a death benefit which vests under a benefit contract and which is payable pursuant to subsection 3 of NRS 695A.210.