NRS 685A.032 “Exempt commercial purchaser” defined.

260 words·~1 min read·/nv/chapter-685a-nonadmitted-insurance/685a-032·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. “Exempt commercial purchaser” means any person or political subdivision of this State purchasing commercial insurance:

(a)Who, at the time of placement, employs or retains a qualified risk manager to negotiate insurance coverage;

(b)Who, at the time of placement, has paid aggregate nationwide commercial property and casualty insurance premiums of more than $100,000 in the immediately preceding 12 months; and

(c)Who, at the time of placement, satisfies one of the following conditions:

(1)Possesses a net worth of more than $20,000,000;

(2)Generates annual revenues of more than $50,000,000;

(3)Employs more than 500 full-time or full-time equivalent employees or is a member of an affiliated group that employs more than 1,000 employees in the aggregate;

(4)Is a nonprofit organization or public entity that generates annual budgeted expenditures of $30,000,000 or more; or

(5)Is a city whose population is 25,000 or more or a county whose population is 20,000 or more.

2. The amounts set forth in subparagraphs (1),

(2)and

(4)of paragraph

(c)of subsection 1 must be adjusted on or before January 1, 2015, and every 5 years thereafter to reflect inflation, as measured by the average percentage of increase or decrease in the Consumer Price Index for All Urban Consumers of the United States Department of Labor, Bureau of Labor Statistics for the preceding 5 years. The Commissioner shall determine the amount of the increase or decrease required by this subsection and establish the adjusted amounts to take effect on January 1 of that year.