58-24-68. Exempt commercial policyholder defined. For the purposes of §§ 58-24-68 to 58-24-74, inclusive, the term, exempt commercial policyholder, means any person who applies for or procures any kind of property casualty insurance, except title or workers' compensation insurance, through the use of a risk manager employed or retained by such person, and meets at least two of the following qualifications:

(1) Has purchased the insurance with aggregate premiums in the sum of at least one hundred thousand dollars during the most recently completed calendar year;

(2) Has a net worth of at least ten million dollars as reported in the policyholder's most recently issued financial statement, reviewed or audited by an independent certified public accountant;

(3) Has annual net revenues or net sales of at least ten million dollars as reported in the policyholder's most recently issued financial statement, reviewed or audited by an independent certified public accountant;

(4) Employs at least one hundred full-time employees, either individually or, if the policyholder is a member of an affiliated group, collectively with all members of the affiliated group;

(5) Has, if the policyholder is a nonprofit organization, an annual operating budget of at least two million five hundred thousand dollars for the most recently completed calendar or fiscal year, whichever applies;

(6) Has, if the policyholder is a public entity, an operating budget of at least ten million dollars for the most recently completed calendar or fiscal year, whichever applies; or

(7) Has, if the policyholder is a municipality, a population of at least twenty thousand.Source: SL 2004, ch 307, § 1.