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15 U.S. Code § 8206. Definitions
For purposes of this subchapter, the following definitions shall apply:(1) Admitted insurer
The term “admitted insurer” means, with respect to a State, an insurer licensed to engage in the business of insurance in such State.
(2) Affiliate
The term “affiliate” means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured.
(3) Affiliated group
The term “affiliated group” means any group of entities that are all affiliated.
(4) ControlAn entity has “control” over another entity if—
(A)
the entity directly or indirectly or acting through 1 or more other persons owns, controls, or has the power to vote 25 percent or more of any class of voting securities of the other entity; or
(B)
the entity controls in any manner the election of a majority of the directors or trustees of the other entity.
(5) Exempt commercial purchaserThe term “exempt commercial purchaser” means any person purchasing commercial insurance that, at the time of placement, meets the following requirements:
(A)
The person employs or retains a qualified risk manager to negotiate insurance coverage.
(B)
The person has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months.
(C)
(i) The person meets at least 1 of the following criteria:
(I)
The person possesses a net worth in excess of $20,000,000, as such amount is adjusted pursuant to clause (ii).
(II)
The person generates annual revenues in excess of $50,000,000, as such amount is adjusted pursuant to clause (ii).
(III)
The person 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)
The person is a not-for-profit organization or public entity generating annual budgeted expenditures of at least $30,000,000, as such amount is adjusted pursuant to clause (ii).
(V)
The person is a municipality with a population in excess of 50,000 persons.
(ii)
Effective on the fifth January 1 occurring after July 21, 2010, and each fifth January 1 occurring thereafter, the amounts in subclauses (I), (II), and (IV) of clause (i) shall be adjusted to reflect the percentage change for such 5-year period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.