§ 6303. Limitations. (a) The exemption that may be granted pursuant to\nthis article shall apply only if:\n (1) the risk, as defined in regulations of the superintendent,\nproduces a minimum annual premium in excess of one hundred thousand\ndollars or such higher amount as the superintendent may prescribe by\nregulation;\n (2) the coverage is for a risk or class of risks which is of an\nunusual nature, a high loss hazard, or difficult to place, pursuant to a\nlist promulgated or amended by the superintendent; or\n (3) until June thirtieth, two thousand twenty-seven, the policy, other\nthan a medical malpractice insurance policy, is issued to a large\ncommercial insured that employs or retains a special risk manager to\nassist in the negotiation and purchase of a policy exempted under this\narticle, provided, however, that:\n (A)(i) the special risk manager is not employed by the insurer issuing\nthe policy or any person in the insurer's holding company system; and\n (ii) the special risk manager is licensed as an insurance producer in\nthis state pursuant to article twenty-one of this chapter, unless\nexempted from licensing therein; and\n (B) a policy form that has not been previously filed with the\nsuperintendent shall be filed with the superintendent for informational\npurposes within three business days after first delivery of a policy\nusing such form, but no later than sixty calendar days after the\ninception date of such policy.\n (b) For the purposes of this section:\n (1) "Large commercial insured" means an entity that generates annual\ncommercial risk insurance premium, other than for medical malpractice\ninsurance, in excess of twenty-five thousand dollars with respect to the\nkinds of insurance specified in paragraphs four through fourteen,\nsixteen, seventeen, nineteen through twenty-two, twenty-seven and\ntwenty-nine of subsection (a) of section one thousand one hundred\nthirteen of this chapter and such insurance as the superintendent deems\nto be substantially similar to one of the foregoing kinds and:\n (A) has a net worth of at least seven million five hundred thousand\ndollars as of the insured's fiscal year end immediately preceding the\npolicy's effective date;\n (B) has gross assets exceeding ten million dollars and a net worth of\nat least one million five hundred thousand dollars as of the insured's\nfiscal year end immediately preceding the policy's effective date;\n (C) is a for-profit business entity that generates annual gross\nrevenues exceeding fifteen million dollars, and has a net worth of at\nleast one million five hundred thousand dollars as of the insured's\nfiscal year end immediately preceding the policy's effective date;\n (D) is a for-profit business entity that has gross assets exceeding\nten million dollars and generates annual gross revenues exceeding\nfifteen million dollars as of the insured's fiscal year end immediately\npreceding the policy's effective date;\n (E) is a not-for-profit organization or public entity with an annual\nbudget exceeding twenty million dollars for each of its three fiscal\nyears immediately preceding the policy's effective date;\n (F) has fifty employees or, together with its parent, subsidiaries and\naffiliates, one hundred employees, as of the insured's fiscal year end\nimmediately preceding the policy's effective date; or\n (G) is a municipality with a population of fifty thousand or more\npersons.\n (2) "Special risk manager" means a person who meets all of the\nfollowing requirements:\n (A) the person is an employee of, or third-party consultant retained\nby, the large commercial insured;\n (B) the person provides skilled services in loss prevention, loss\nreduction, or risk and insurance coverage analysis and assessment, and\npurchase of insurance; and\n (C) the person:\n (i)(I) has a bachelor's degree or higher from an accredited college or\nuniversity in risk management, business administration, finance,\neconomics, or any other
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