NAC690B.515. Filing of notice of certain settlements and judgments that exceed limits of coverage.

     1. In accordance with NRS 690B.340, an insurer offering professional liability insurance to a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS shall file a notice with the Commissioner if:

     (a) A settlement is reached concerning the liability of the practitioner for a breach of professional duty that exceeds the limits of the coverage provided by the policy of insurance.

     (b) A judgment is entered against the practitioner for a breach of professional duty that exceeds the limits of the coverage provided by the policy of insurance.

     2. The notice must be filed, on a form prescribed by the Commissioner, with the Commissioner within 45 days after:

     (a) The date upon which a settlement is reached that requires a notice to be filed with the Commissioner pursuant to subsection 1.

     (b) The date upon which a judgment is entered that requires a notice to be filed with the Commissioner pursuant to subsection 1.

     (Added to NAC by Comm’r of Insurance by R131-03, eff. 10-30-2003)