SB 426 is new legislation that was introduced in the State of Nevada concerning viatical settlement providers. The new law requires viatical settlement providers and brokers to acquire a surety bond in a quantity no less than $250,000, cash, certificates of deposit, securities or any amalgamation of these in the amount of $250,000; they also must be licensed under present law. The provider/broker also can present proof that financial instruments have been filed in at least one state where the provider is licensed, provided that the instruments fulfill the law’s requirements for financial accountability. The surety bonds must allow the Insurance Commissioner to make recovery on behalf of those sustaining damages ensuing from flawed acts, failure to act, or conviction of deceitful or unfair procedures.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.