"Purchasing group" means any group which:
1. Has as one of its purposes the purchase of liability insurance on a group basis;
2. Purchases such insurance only for its members and only to cover their similar or related exposure to liability, as described in subsection 3;
3. Is composed of members whose businesses or activities are similar or related with respect to the liability to which they are exposed by virtue of any related, similar or common business, trade, product, services, premises or operations; and
4. Is domiciled in any state.
(Added to NRS by 1987, 1329)