33-2-318. Exempt commercial purchaser defined.
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/mt/title-33/chapter-2/part-3/33-2-318·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-2-318 . Exempt commercial purchaser defined.
(1)An exempt commercial purchaser means an individual or business entity who at the time of placement:
(a)employs or retains a qualified risk manager to negotiate insurance coverage;
(b)has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months; and
(c)meets at least one of the following criteria:
(i)possesses a net worth in excess of $20 million, as that amount may be adjusted pursuant to subsection (2);
(ii)generates annual revenue in excess of $50 million, as that amount may be adjusted pursuant to subsection (2);
(iii)employs more than 500 full-time or full-time equivalent employees per individual insured or is a member of an affiliated group employing more than 1,000 employees in the aggregate;
(iv)is a not-for-profit organization or a public entity generating annual budgeted expenditures of at least $30 million, as that amount may be adjusted pursuant to subsection (2); or
(v)is a municipality with a population in excess of 50,000 persons.
(2)Effective January 1, 2015, and on every 5th subsequent January 1, the amounts in subsections (1)(c)(i), (1)(c)(ii), and (1)(c)(iv) must be adjusted to reflect the percentage of change for that 5-year period in the consumer price index for all urban consumers published by the bureau of labor statistics of the United States department of labor.