1. Except as otherwise provided in subsection 2, an insurer shall not renew a policy on different terms, including different rates, unless the insurer notifies the insured in writing of the different terms or rates at least 30 days before the expiration of the policy. If the insurer fails to provide adequate and timely notice, the insurer shall renew the policy at the expiring terms and rates:
(a) For a period that is equal to the expiring term if the agreed term is 1 year or less; or
(b) For 1 year if the agreed term is more than 1 year.
2. The provisions of this section do not apply to a change in the rate for a policy of industrial insurance which is based on:
(a) A change to a prospective loss cost filed by the Advisory Organization pursuant to NRS 686B.177 that is applicable to the risk; or
(b) A correction based on the experience that is applicable to the risk in accordance with the Uniform Plan for Rating Experience filed with the Commissioner pursuant to NRS 686B.177.
(Added to NRS by 1971, 1725; A 1995, 1747; 2003, 3314; 2007, 3322)