1.  A private carrier may provide industrial insurance for an organization or association of employers as a group if:

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(a) The members of the organization or association are engaged in a common trade or business; and

(b) The formation and operation of a program of industrial insurance for the organization or association will substantially assist in the handling of claims and the prevention of accidents for the employers as a group.

2.  Notwithstanding the provisions of subsection 1, a private carrier may provide industrial insurance for an organization or association of employers as a group whose members are not engaged in a common trade or business if:

(a) The organization or association of employers is formed and maintained for purposes other than obtaining industrial insurance; and

(b) The contract or other agreement pursuant to which the private carrier will provide industrial insurance for the organization or association provides that:

(1) A separate policy will be issued to each member of the organization or association; and

(2) Other than the payment of premiums by the organization or association, the organization or association and each of its members are not liable for the cost of the administration of claims or the compensation payable pursuant to the provisions of chapters 616A to 616D, inclusive, or chapter 617 of NRS.

3.  The Commissioner must approve each organization or association before a policy of industrial insurance may be issued to it as a group pursuant to subsection 1 or 2.

4.  The Commissioner shall adopt regulations for the qualification of organizations or associations of employers described in subsections 1 and 2.