Required reduction in premium for implementation of qualified risk management system.
1. In each rating plan of an insurer that issues a policy of professional liability insurance to a practitioner licensed pursuant to chapter 630 or 633 of NRS, the insurer shall provide for a reduction in the premium for the policy if the practitioner implements a qualified risk management system. The amount of the reduction in the premium must be determined by the Commissioner in accordance with the applicable standards for rates established in NRS 686B.010 to 686B.1799, inclusive.
2. A qualified risk management system must comply with all requirements established by the Commissioner.
3. The Commissioner shall adopt regulations to:
(a) Establish the requirements for a qualified risk management system; and
(b) Carry out the provisions of this section.
4. The provisions of this section apply to all rating plans which an insurer that issues a policy of professional liability insurance to a practitioner licensed pursuant to chapter 630 or 633 of NRS files with the Commissioner on and after the effective date of the regulations adopted by the Commissioner pursuant to this section.
Last modified: February 27, 2006