Key Takeaways
- Nevada requires suitability analysis before recommending annuity products
- Annuity contracts must include a free look period for consumer review
- Nevada follows NAIC Suitability in Annuity Transactions Model Regulation
- Replacement transactions require detailed disclosure and comparison
- Annuity incontestability is governed by NRS 688A.200
Last updated: January 2026
Nevada Annuity Regulations
Nevada has adopted comprehensive annuity regulations to protect consumers from unsuitable sales and deceptive practices.
Suitability Requirements
Nevada follows the NAIC Suitability in Annuity Transactions Model Regulation:
Producer Duties
Before recommending an annuity, the producer must:
- Make reasonable efforts to obtain customer information
- Analyze whether the recommendation is suitable
- Document the basis for the recommendation
- Disclose all material information about the product
Required Information
| Category | Information Required |
|---|---|
| Financial Status | Income, liquid assets, financial needs |
| Tax Status | Tax bracket, qualified vs. non-qualified funds |
| Investment Objectives | Goals, time horizon, risk tolerance |
| Existing Coverage | Current annuities and life insurance |
| Liquidity Needs | Expected need for funds |
Annuity Incontestability (NRS 688A.200)
For annuity or pure endowment contracts:
- 2-year incontestability from date of issue
- Applies during the lifetime of the annuitant
- Exceptions for nonpayment of stipulated payments
- Disability and accidental death provisions may be excepted
Free Look Period
Nevada provides a free look period for annuity contracts:
- Buyer can return for full premium refund
- No penalty for exercising free look
- Period begins when contract is delivered
Senior-Specific Protections
Nevada has protections for annuity sales to seniors:
Enhanced Disclosures
Seniors must receive:
- Clear explanation of surrender charges
- Comparison with existing contracts
- Written confirmation of suitability
- Information about withdrawal restrictions
Test Your Knowledge
What must a Nevada producer do before recommending an annuity?
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