Texas Insurance Code

§ 981.0031 — EXEMPT COMMERCIAL PURCHASER DEFINED

IN § 981.0031Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part I. SURPLUS LINES INSURERS; COMPANIES NOT ORGANIZED IN TEXAS · Ch. 981. SURPLUS LINES INSURANCE · Art. A. GENERAL PROVISIONS

Statute text

View on source

(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;

…

Legislative history

Added by Acts 2013, 83rd Leg., R.S., Ch. 595 (S.B. 951), Sec. 4, eff. June 14, 2013.