690B.290 - Insurer required to offer extended reporting endorsement to certain practitioners; disclosure of formula used to determine premium. - Nevada Statutes

690B.290  Insurer required to offer extended reporting endorsement to certain practitioners; disclosure of formula used to determine premium.  If an insurer offers to issue a claims-made policy to a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS, the insurer shall:

      1.  Offer to issue an extended reporting endorsement to the practitioner; and

      2.  Disclose to the practitioner the cost formula that the insurer uses to determine the premium for the extended reporting endorsement. The cost formula must be based on:

      (a) An amount that is not more than twice the amount of the premium for the claims-made policy at the time of the termination of that policy; and

      (b) The rates filed by the insurer and approved by the Commissioner.

      (Added to NRS by 2003, 922)