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:
(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.
(Added to NRS by 2013, 2703)
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