648.135 - Licensing: Maintenance of insurance or acting as self-insurer; minimum limits of liability; proof. - Nevada Statutes

648.135  Licensing: Maintenance of insurance or acting as self-insurer; minimum limits of liability; proof.

      1.  Before issuing any license or annual renewal thereof, the Board shall require satisfactory proof that the applicant or licensee:

      (a) Is covered by a policy of insurance for protection against liability to third persons, with limits of liability in amounts not less than $200,000, written by an insurance company authorized to do business in this State; or

      (b) Possesses and will continue to possess sufficient means to act as a self-insurer against that liability.

      2.  Every licensee shall maintain the policy of insurance or self-insurance required by this section. The license of every such licensee is automatically suspended 10 days after receipt by the licensee of notice from the Board that the required insurance is not in effect, unless satisfactory proof of insurance is provided to the Board within that period.

      3.  Proof of insurance or self-insurance must be in such a form as the Board may require.

      (Added to NRS by 1973, 681; A 1985, 1339; 1987, 2137)