oner’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) NRS 690B.330 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. (Added to NRS by 2003, 3480) NRS 690B.340 Review of settlement or judgment by Commissioner. If a settlement or judgment exceeds the limits of the coverage provided by a policy of professional liability insurance for a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS, the Commissioner shall review the settlement or judgment. If the Commissioner finds, after notice and a hearing, or upon waiver of hearing by the insurer, that the insurer who issued the policy violated any provision of this Code with regard to the settlement or judgment, any combination of such settlements or judgments, or any proceedings related thereto, the Commissioner may suspend, limit or revoke the insurer’s certificate of authority. (Added to NRS by 2003, 3360) NRS 690B.350 Essential medical specialties: Determination, cancellation, termination or nonrenewal of professional liability insurance. 1. Except as otherwise provided in this section, if an insurer intends to cancel, terminate or otherwise not renew all policies of professional liability insurance that it has issued to any class, type or specialty of practitioner licensed pursuant to chapter 630, 631 or 633 of NRS, the insurer must provide 120 days’ notice of its intended action to the Commissioner and the practitioners before its intended action becomes effective. 2. If an insurer intends to cancel, terminate or otherwise not renew a specific policy of professional liability insurance that it has issued to a practitioner who is practicing in one or more of the essential medical specialties designated by the Commissioner: (a) The insurer must provide 120 days’ notice to the practitioner before its intended action becomes effective; and (b) The Commissioner may require the insurer to delay its intended action for a period of not more than 60 days if the Commissioner determines that a replacement policy is not readily available to the practitioner. 3. If an insurer intends to cancel, terminate or otherwise not renew all policies of professional liability insurance that it has issued to practitioners who are practicing in one or more of the essential medical specialties designated by the Commissioner: (a) The insurer must provide 120 days’ notice of its intended action to the Commissioner and the practitioners before its intended action becomes effective; and (b) The Commissioner may require the insurer to delay its intended action for a period of not more than 60 days if the Commissioner determines that replacement policies are not readily available to the practitioners. 4. On or before April 1 of each year, the Commissioner shall: (a) Determine whether there are any medical specialties in this State which are essential as a matter of public policy and which must be protected pursuant to this section from certain adverse actions relating to professional liability insurance that may impair the availability of those essential medical specialties to the residents of this State; and (b) Make a list containing the essential medical specialties designated by the Commissioner and provide the list to each insurer that issues policies of professional liability insurance to practitioners who are practicing in one or more of the essential medical specialties. 5. The Commissioner may adopt any regulations that are necessary to carry out the provisions of this section. 6. Until the Commissioner determines which, if any, medical specialties are to be designated as essential medical specialties, the following medical specialties shall be deemed to be essential medical specialties for the purposes of this section: (a) Emergency medicine. (b) Neurosurgery. (c) Obstetrics and gynecology. (d) Orthopedic surgery. (e) Pediatrics. (f) Trauma surgery. (Added to NRS by 2003, 922; A 2003, 3361) NRS 690B.360 Information pertinent to monitoring compliance with applicable standards for rates: Commissioner to collect; analysis; annual report. 1. The Commissioner shall collect all information which is pertinent to monitoring whether an insurer that issues professional liability insurance for a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS is complying with the applicable standards for rates established in NRS 686B.010 to 686B.1799, inclusive. Such information must include, without limitation: (a) The amount of gross premiums collected with regard to each medical specialty; (b) Information relating to loss ratios; (c) Information reported pursuant to NRS 690B.250; and (d) Information reported pursuant to NRS 679B.430 and 679B.440. 2. In addition to the information collected pursuant to subsection 1, the Commissioner may request any additional information from an insurer: (a) Whose rates and credit utilization are materially different from other insurers in the market for professional liability insurance for a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS in this State; (b) Whose credit utilization shows a substantial change from the previous year; or (c) Whose information collected pursuant to subsection 1 indicates a potentially adverse trend. 3. If the Commissioner requests additional information from an insurer pursuant to subsection 2, the Commissioner shall: (a) Determine whether the additional information offers a reasonable explanation for the results described in paragraphs (a), (b) or (c) of subsection 2; and (b) Take any steps permitted by law that are necessary and appropriate to assure the ongoing stability of the market for professional liability insurance for a practitioner licensed pursuant to chapter 630, 631, 632 or 633 of NRS

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