1. "Admitted insurer" means an insurer licensed to engage in the business of insurance
in this state.
2. "Eligible surplus lines insurer" means a nonadmitted insurer with which a surplus lines
producer may place surplus lines insurance pursuant to section 26.1-44-03.
3. "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 one hundred thousand dollars in the
immediately preceding twelve months.
c.
(1)The person meets at least one of the following criteria:
(a)The person possesses a net worth in excess
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1. "Admitted insurer" means an insurer licensed to engage in the business of insurance
in this state.
2. "Eligible surplus lines insurer" means a nonadmitted insurer with which a surplus lines
producer may place surplus lines insurance pursuant to section 26.1-44-03.
3. "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 one hundred thousand dollars in the
immediately preceding twelve months.
c. (1) The person meets at least one of the following criteria:
(a) The person possesses a net worth in excess of twenty million dollars,
as such amount is adjusted pursuant to paragraph 2.
(b) The person generates annual revenues in excess of fifty million
dollars, as such amount is adjusted pursuant to paragraph 2.
(c) The person employs more than five hundred full-time or full-time
equivalent employees per individual insured or is a member of an
affiliated group employing more than one thousand employees in the
aggregate.
(d) The person is a not-for-profit organization or public entity generating
annual budgeted expenditures of at least thirty million dollars, as such
amount is adjusted pursuant to paragraph 2.
(e) The person is a municipality with a population in excess of fifty
thousand persons.
(2) Each fifth January first occurring after July 21, 2010, and ongoing thereafter,
the amounts in subparagraphs a, b, and d of paragraph 1 will be adjusted to
reflect the percentage change for such five-year period in the consumer
price index for all urban consumers published by the bureau of labor
statistics of the department of labor.
4. "Home state".
a. Except as provided in subdivision b, "home state" means, with respect to an
insured:
(1) The state in which an insured maintains its principal place of business or, in
the case of an individual, the individual's principal residence; or
(2) If one hundred percent of the insured risk is located out of the state referred
to in paragraph 1, the state to which the greatest percentage of the insured's
taxable premium for that insurance contract is allocated.
b. If more than one insured from an affiliated group are named insureds on a single
nonadmitted insurance contract, the term "home state" means the home state, as
determined pursuant to subdivision a, of the member of the affiliated group that
has the largest percentage of premium attributed to it under such insurance
contract.
5. "Independently procured insurance" means insurance procured directly by an insured
from a nonadmitted insurer.
6. "Kind of insurance" means one of the types of insurance required to be reported in the
annual statement which must be filed with the commissioner by admitted insurers.
7. "Nonadmitted insurance" means any property and casualty insurance permitted to be
placed directly or through a surplus lines producer with a nonadmitted insurer eligible
to accept such insurance pursuant to section 26.1-44-03.
8. "Nonadmitted insurer" means an insurer not licensed to engage in the business of
insurance in this state but does not include a risk retention group as defined in
paragraph 4 of subdivision a of section 2 of the Liability Risk Retention Act of 1986
[15 U.S.C. 3901(a)(4)].
9. "Surplus lines insurance" means any property and casualty insurance on properties,
risks, or exposures, located or to be performed in this state, permitted to be placed
through a surplus lines producer with a nonadmitted insurer eligible to accept such
insurance pursuant to section 26.1-44-03.
10. "Surplus lines producer" means a person licensed under chapter 26.1-26 to place
insurance on properties, risks, or exposures with nonadmitted insurers eligible to
accept such insurance pursuant to section 26.1-44-03.
11. "Type of insurance" means coverage afforded under the particular policy that is being
placed.