An Act to Allow Certified Insurance Counselors to Qualify as Risk Managers
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 24-A MRSA §2412-A, sub-§1, ¶B, as amended by PL 1999, c. 538, §1 and affected by §3, is further amended to read:
B. "Large commercial policyholder" means an insurance contract holder that is a corporation, partnership, trust, sole proprietorship or other business or public entity and that has certified that it meets:
(1) At least 2 of the following 3 criteria:
(a) A net worth of $10,000,000 as certified by a certified public accountant or public accountant authorized to do business in this State;
(b) Net revenue or sales of $5,000,000 as certified by a certified public accountant or public accountant authorized to do business in this State; or
(c) A total of more than 25 employees per individual company or more than 50 employees per holding company; and
(2) The following criteria:
(a) The use of an employed or retained risk manager to procure insurance. For purposes of this division, "risk manager" means a chartered property and casualty underwriter, a certified insurance counselor, an associate in risk management, a certified risk manager or a licensed insurance consultant; and
(b) Aggregate property and casualty insurance premiums, excluding workers' compensation, medical malpractice, life, health and disability insurance premiums as follows:
(i) Until December 31, 2000, $90,000;
(ii) From January 1, 2001 until December 31, 2001, $75,000;
(iii) From January 1, 2002 until December 31, 2002, $60,000; and
(iv) After January 1, 2003, $50,000.
"Large commercial policyholder" also includes a nonprofit or public entity with an annual budget or assets of $25,000,000 or more that meets the criteria listed in subparagraph (2) and a municipality with a population of 20,000 or more that meets the premium criteria listed in subparagraph (2), division (b).
A commercial policyholder that meets the premium criteria listed in subparagraph (2), division (b) but that does not meet 3 of the qualifying criteria listed in either subparagraph (1) or subparagraph (2), division (a) may petition the superintendent for a waiver of the remaining criteria. The superintendent may grant a waiver if the superintendent determines that the applicant for a waiver is sufficiently qualified to act as a large commercial policyholder.
Effective September 21, 2001, unless otherwise indicated.
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