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Texas Insurance Code - INS § 981.0031. Exempt Commercial Purchaser Defined

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) For purposes of this chapter, “exempt commercial purchaser” means a person who purchases commercial insurance and, at the time of placement:

(1) employs or retains a qualified risk manager to negotiate insurance coverage;

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

(3) meets at least one of the following criteria:

(A) has a net worth of more than $20 million;

(B) generates annual revenue of more than $50 million;

(C) employs more than 500 full-time or full-time equivalent employees per individual insured, or is a member of an affiliated group that employs more than 1,000 employees in aggregate;

(D) is a nonprofit organization or public entity generating annual budgeted expenditures of at least $30 million; or

(E) is a municipality with a population of more than 50,000.

(b) Effective on January 1, 2015, and on every fifth January 1 thereafter, the commissioner shall by order adjust the amounts provided by Subsections (a)(3)(A), (B), and (D) to reflect the percentage change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor for the five-year period immediately preceding January 1 of the year of the adjustment.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 981.0031. Exempt Commercial Purchaser Defined - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-981-0031/

Read this complete Texas Insurance Code - INS § 981.0031. Exempt Commercial Purchaser Defined on Westlaw

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