1. If an insurer offers to issue a claims-made policy to a practitioner licensed pursuant to chapters 630 to 640, inclusive, of NRS or who holds a license or limited license issued pursuant to chapter 653 of NRS, the insurer shall:
(a) Offer to issue to the practitioner an extended reporting endorsement without a time limitation for reporting a claim.
(b) Disclose to the practitioner the premium for the extended reporting endorsement and the cost formula that the insurer uses to determine the premium for the extended reporting endorsement.
(c) Disclose to the practitioner the portion of the premium attributable to funding the extended reporting endorsement offered at no additional cost to the practitioner in the event of the practitioner’s death, disability or retirement, if such a benefit is offered.
(d) Disclose to the practitioner the vesting requirements for the extended reporting endorsement offered at no additional cost to the practitioner in the event of the practitioner’s death or retirement, if such a benefit is offered. If such a benefit is not offered, the absence of such a benefit must be disclosed.
(e) Include, as part of the insurance contract, language which must be approved by the Commissioner and which must be substantially similar to the following:
If we adopt any revision that would broaden the coverage under this policy without any additional premium either within the policy period or within 60 days before the policy period, the broadened coverage will immediately apply to this policy.
2. The disclosures required by subsection 1 must be made as part of the offer and acceptance at the inception of the policy and again at each renewal in the form of an endorsement attached to the insurance contract and approved by the Commissioner.
3. The requirements set forth in this section are in addition to the requirements set forth in NRS 690B.290.
(Added to NRS by 2003, 3479; A 2019, 2740, effective January 1, 2020)
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