A private carrier who contracts to provide industrial insurance coverage for a consolidated insurance program pursuant to NRS 616B.712 is liable to pay each claim for industrial insurance that is covered by the program, regardless of whether:

1. 1. The claim is filed after the completion of the construction project; or
2. 2. Any party to the contract is not transacting business within this State at the time the claim is filed.

(Added to NRS by 1999, 3145)