Current through September 17, 2024
For the purposes of Chapter 73, the following definitions
apply.
003.01 The definitions set
forth in Neb.Rev.Stat. §
44-7504
apply for purposes of this chapter.
003.02 Class RFS policyholder
"Class RFS policyholder" means an exempt commercial
policyholder that fulfills either of the two following sets of
conditions:
(1)
(A) The policyholder utilizes the services of
a qualifying risk manager;
(B) The
policyholder generates at least $100,000 in aggregate commercial lines property
and casualty insurance premiums per year, and
(C) The policyholder meets at least two of
the following conditions:
(i) The policyholder
generates aggregate commercial lines property and casualty insurance premiums
of at least $250,000 per year, excluding premiums for workers' compensation and
medical professional liability insurance, or generates at least $1,000,000
aggregate commercial property and casualty insurance premiums per year,
including premiums for workers' compensation and medical professional liability
insurance.
(ii) The policyholder's
net worth is at least $25,000,000.
(iii) The policyholder's annual net revenues
or sales are at least $50,000,000.
(iv) The policyholder employs at least 250
employees.
(v) If the policyholder
is a not-for-profit or government entity, the policyholder has an annual
operating budget of at least $25,000,000.
(2)
(A) The
policyholder generates at least $100,000 in aggregate commercial lines property
and casualty insurance premiums per year for all jurisdictions combined,
and
(B) In a jurisdiction that
generates greater aggregate commercial property and casualty insurance premiums
for the policyholder than Nebraska:
(i) No
rates for the policyholder are subject to a requirement that the insurer
adheres to its rating manuals;
(ii)
No policy forms for the policyholder, other than policy forms for workers'
compensation and automobile liability insurance, are subject to a requirement
that the insurer must use filed forms, and
(iii) Access to surplus lines markets for
other than workers' compensation and automobile liability insurance for the
policyholder is not subject to any requirement that such coverage is not
available from a licensed insurer.
003.03 Class RF policyholder
"Class RF policyholder" means an exempt commercial
policyholder that meets any one of the three following sets of
conditions:
(1) The policyholder
utilizes the services of a qualifying risk manager and generates at least
$50,000 in aggregate property and casualty insurance premiums per
year.
(2) The policyholder
generates aggregate commercial lines property and casualty insurance premiums
of at least $250,000 per year, excluding premiums for workers' compensation and
medical professional liability insurance, or generates at least $1,000,000 per
year in aggregate property and casualty insurance premiums, including premiums
for workers' compensation and medical professional liability
insurance.
(3)
(A) The policyholder generates at least
$50,000 in aggregate commercial lines property and casualty insurance premiums
per year for all jurisdictions combined, and
(B) In a jurisdiction that generates greater
aggregate commercial property and casualty insurance premiums for the
policyholder than Nebraska:
(i) No rates for
the policyholder are subject to a requirement that the insurer adhere to its
rating manuals, and
(ii) No policy
forms for the policyholder, other than policy forms for workers' compensation
and automobile liability insurance, are subject to a requirement that the
insurer must use filed forms.
003.04 Class R policyholder
"Class R policyholder" means an exempt commercial
policyholder that meets any one of the three following sets of
conditions:
(1) The policyholder
utilizes the services of a qualifying risk manager and generates at least
$25,000 in aggregate commercial lines property and casualty insurance premiums
per year.
(2) The policyholder
generates aggregate property and casualty insurance premiums of at least
$75,000 per year excluding premiums for medical professional liability
insurance, or generates at least $250,000 in aggregate commercial lines
property and casualty insurance premiums per year, including premiums for
medical professional liability insurance.
(3) The policyholder generates at least
$25,000 in aggregate commercial lines property and casualty insurance premiums
per year for all jurisdictions combined and, in a jurisdiction that generates
greater aggregate commercial property and casualty insurance premiums for the
policyholder than Nebraska, rates for the policyholder are not subject to a
requirement that the insurer adheres to its rating manuals.
003.05 Commercial lines property
and casualty insurance
"Commercial lines property and casualty insurance" means
property and casualty insurance filed pursuant to Neb.Rev.Stat. §
44-7508,
and also includes workers' compensation insurance, medical professional
liability insurance, and insurance covering farms and ranches, including crop
insurance.
003.06 Exempt
commercial policyholder
"Exempt commercial policyholder" means a Class RFS, RF, or R
policyholder, as defined by this chapter, that may purchase insurance policies
for which specific aspects of rate or policy form regulation do not apply or
have been relaxed, or that is exempt from those provisions of §§
44-5510
and
44-5511
that require, as a condition for the purchase of insurance from a nonadmitted
insurer, that applicants demonstrate inability to obtain insurance from a
licensed insurer.
003.07
Qualifying risk manager
"Qualifying risk manager" means:
(1)
(A) A
person that is a full time employee of the policyholder with primary duties
consisting of property and casualty risk management and the purchase of
insurance, and that meets the qualification standards in paragraph (2);
or
(B) A person or persons,
operating as a contractor that primarily provides risk management services,
that devotes at least one hundred twenty hours per year to the policyholder's
risk management and purchase of insurance. No such person shall be an agent for
an insurer providing insurance for the policyholder, and shall not receive any
compensation from an insurer, or from an agent of an insurer that is providing
insurance for the policyholder, or from an agency compensated by the insurer
that is providing insurance for the policyholder. Each person whose hours are
included in the total hours necessary to meet this requirement is required to
meet the qualification standards in paragraph (2).
(2) Who has demonstrated qualification
through:
(A) Five or more years of full time
experience in property and casualty insurance as a commercial lines underwriter
with an insurance company or as an insurance producer dealing primarily with
commercial accounts, except that health and employee benefit experience shall
not count towards this requirement; or
(B) Three years of full-time experience
related to property and casualty insurance or risk management and attainment of
one of the following insurance professional designations:
(i) Associate in Risk Management;
(ii) Certified Risk Manager; or
(iii) Chartered Property Casualty
Underwriter.
003.08 Workers' compensation insurance
"Workers' compensation insurance" means workers' compensation
insurance, as defined in Neb.Rev.Stat. §
44-201(11),
and includes insurance written with deductibles. "Workers' compensation
insurance" does not include excess workers' compensation insurance provided for
policyholders that have qualified with the Nebraska Workers' Compensation Court
as approved self-insureds.
