NAC720.290. Insurance: Minimum requirements; proof.

     1. Except as otherwise provided in NAC 720.260, a licensee shall maintain a policy of insurance issued by an insurance company authorized to do business in this State, which:

     (a) Provides the licensee with coverage for:

          (1) Professional liability in an amount of not less than $5,000,000; and

          (2) Commercial general liability in an amount of not less than $10,000,000; and

     (b) Contains a provision that requires the insurance company to notify the Secretary of State at least 30 days before cancellation or nonrenewal of the policy.

     2. For the purposes of this chapter, proof of the policy of insurance required by subsection 1 must:

     (a) Be in a form that is prescribed or approved by the Secretary of State;

     (b) Identify the insurance company by name, mailing address and physical address, and include the number or a copy of the document authorizing the insurance company to do business in this State; and

     (c) Identify the licensee for whom the policy is issued.

     (Added to NAC by Sec’y of State by R155-98, eff. 12-2-99)