1. Except as otherwise provided in subsection 2, a financial planner shall maintain insurance covering liability for errors or omissions, or a surety bond to compensate clients for losses actionable pursuant to this chapter, in an amount of $1,000,000 or more.
2. The provisions of subsection 1 do not apply to:
(a) A broker-dealer or sales representative licensed pursuant to NRS 90.310 or exempt under NRS 90.320; or
(b) An investment adviser licensed pursuant to NRS 90.330 or exempt under NRS 90.340 or 90.345.