1. A principal contractor is not liable for the payment of compensation for any industrial injury to any independent contractor or any employee of an independent contractor if:
(a) The contract between the principal contractor and the independent contractor is in writing and the contract provides that the independent contractor agrees to maintain coverage for industrial insurance pursuant to chapters 616A to 616D, inclusive, of NRS;
(b) Proof of such coverage is provided to the principal contractor;
(c) The principal contractor is not engaged in any construction project; and
(d) The independent contractor is not in the same trade, business, profession or occupation as the principal contractor.
2. The Administrator may adopt such regulations as are necessary to carry out the provisions of this section.