{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1903.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1903.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1903.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1903.1.html"}],"law_id":86657,"edition_id":1,"section_id":86657,"structure_id":13456,"section_number":"38.2-1903.1","catch_line":"Exemptions of large commercial risks","history":"2000, c. 548; 2002, c. 437; 2005, c. 251; 2009, c. 644; 2011, cc. 618, 636.","full_text":"A\n\nNotwithstanding any other provision of this title, an insurer shall not be required to file with, or to receive approval from, the Commission for policy forms and rates used in the insurance of large commercial risks.B\n\nThe form approval and rate filing exemption set forth in subsection A shall not apply to rates and forms for writing workers’ compensation policies issued to large commercial risks.C\n\nA “large commercial risk” is a person or entity that:1\n\nHas a risk manager to negotiate insurance coverage. A risk manager means (i) an employee of the large commercial risk or (ii) a third party consultant retained by the large commercial risk, who provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis, and the purchase of insurance, and who possesses at least one of the following credentials:\n\t\t\t\ta. A bachelor’s or higher degree in risk management issued by an accredited institution of higher education;\n\t\t\t\tb. A designation as a Chartered Property and Casualty Underwriter (CPCU) issued by the American Institute for CPCU\/Insurance Institute of America;\n\t\t\t\tc. A designation as an Associate in Risk Management (ARM) issued by the American Institute for CPCU\/Insurance Institute of America;\n\t\t\t\td. A designation as a Certified Risk Manager (CRM) issued by the National Alliance for Insurance Education & Research;\n\t\t\t\te. A designation as a Fellow in Risk Management (FRM) issued by the Global Risk Management Institute\/Risk & Insurance Management; or\n\t\t\t\tf. At least five years of experience in one or more of the following areas of commercial property and casualty insurance: (i) risk financing, (ii) claims administration, (iii) loss prevention, or (iv) risk and insurance coverage analysis; and2\n\nMeets at least two of the following criteria:\n\t\t\t\ta. Possesses a net worth in excess of $2 million;\n\t\t\t\tb. Generates annual revenues in excess of $2 million;\n\t\t\t\tc. Employs more than 10 full-time or full-time equivalent employees per individual insured;\n\t\t\t\td. Pays annual aggregate nationwide insurance premiums in excess of $25,000;\n\t\t\t\te. Is a not-for-profit organization or public body generating annual budgeted expenditures of at least $5 million; or\n\t\t\t\tf. Is a municipality with a population in excess of 30,000.D\n\nAn insurer providing a policy to a large commercial risk must obtain annual, written certification signed by the risk manager and an officer of the corporation from the large commercial risk certifying that the large commercial risk (i) employs the necessary qualified risk manager and stating the basis for the risk manager’s qualifications; (ii) meets two of the other criteria set forth in subdivision C 2; (iii) is aware that the policy being purchased is not subject to initial state regulatory review or approval of rates and forms; (iv) has the necessary expertise to negotiate its own policy language and rates; and (v) agrees to the use of the exempted rates and forms by its insurer or insurers.E\n\nThe policyholder certification shall be filed with and retained by the insurance company issuing coverage to the large commercial risk.","order_by":null,"text":{"0":{"id":310332,"text":"Notwithstanding any other provision of this title, an insurer shall not be required to file with, or to receive approval from, the Commission for policy forms and rates used in the insurance of large commercial risks.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":310333,"text":"The form approval and rate filing exemption set forth in subsection A shall not apply to rates and forms for writing workers’ compensation policies issued to large commercial risks.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":310334,"text":"A “large commercial risk” is a person or entity that:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":310335,"text":"Has a risk manager to negotiate insurance coverage. A risk manager means (i) an employee of the large commercial risk or (ii) a third party consultant retained by the large commercial risk, who provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis, and the purchase of insurance, and who possesses at least one of the following credentials:\n\t\t\t\ta. A bachelor’s or higher degree in risk management issued by an accredited institution of higher education;\n\t\t\t\tb. A designation as a Chartered Property and Casualty Underwriter (CPCU) issued by the American Institute for CPCU\/Insurance Institute of America;\n\t\t\t\tc. A designation as an Associate in Risk Management (ARM) issued by the American Institute for CPCU\/Insurance Institute of America;\n\t\t\t\td. A designation as a Certified Risk Manager (CRM) issued by the National Alliance for Insurance Education & Research;\n\t\t\t\te. A designation as a Fellow in Risk Management (FRM) issued by the Global Risk Management Institute\/Risk & Insurance Management; or\n\t\t\t\tf. At least five years of experience in one or more of the following areas of commercial property and casualty insurance: (i) risk financing, (ii) claims administration, (iii) loss prevention, or (iv) risk and insurance coverage analysis; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":310336,"text":"Meets at least two of the following criteria:\n\t\t\t\ta. Possesses a net worth in excess of $2 million;\n\t\t\t\tb. Generates annual revenues in excess of $2 million;\n\t\t\t\tc. Employs more than 10 full-time or full-time equivalent employees per individual insured;\n\t\t\t\td. Pays annual aggregate nationwide insurance premiums in excess of $25,000;\n\t\t\t\te. Is a not-for-profit organization or public body generating annual budgeted expenditures of at least $5 million; or\n\t\t\t\tf. Is a municipality with a population in excess of 30,000.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":310337,"text":"An insurer providing a policy to a large commercial risk must obtain annual, written certification signed by the risk manager and an officer of the corporation from the large commercial risk certifying that the large commercial risk (i) employs the necessary qualified risk manager and stating the basis for the risk manager’s qualifications; (ii) meets two of the other criteria set forth in subdivision C 2; (iii) is aware that the policy being purchased is not subject to initial state regulatory review or approval of rates and forms; (iv) has the necessary expertise to negotiate its own policy language and rates; and (v) agrees to the use of the exempted rates and forms by its insurer or insurers.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"6":{"id":310338,"text":"The policyholder certification shall be filed with and retained by the insurance company issuing coverage to the large commercial risk.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13456,"edition_id":1,"name":"Regulation of Rates Generally","identifier":"19","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:55","date_modified":"2026-06-26 03:44:55","permalink":{"id":212945,"object_type":"structure","relational_id":13456,"identifier":"19","token":"38.2\/19","url":"\/38.2\/19\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66229,"structure_id":13456,"section_number":"38.2-1900","catch_line":"Purposes of chapter","url":"\/38.2-1900\/","token":"38.2\/19\/38.2-1900","metadata":false},{"id":57539,"structure_id":13456,"section_number":"38.2-1901","catch_line":"Definitions","url":"\/38.2-1901\/","token":"38.2\/19\/38.2-1901","metadata":false},{"id":74191,"structure_id":13456,"section_number":"38.2-1902","catch_line":"Scope of chapter","url":"\/38.2-1902\/","token":"38.2\/19\/38.2-1902","metadata":false},{"id":70651,"structure_id":13456,"section_number":"38.2-1903","catch_line":"Exemptions","url":"\/38.2-1903\/","token":"38.2\/19\/38.2-1903","metadata":false},{"id":86657,"structure_id":13456,"section_number":"38.2-1903.1","catch_line":"Exemptions of large commercial risks","url":"\/38.2-1903.1\/","token":"38.2\/19\/38.2-1903.1","metadata":false},{"id":68129,"structure_id":13456,"section_number":"38.2-1904","catch_line":"Rate standards","url":"\/38.2-1904\/","token":"38.2\/19\/38.2-1904","metadata":false},{"id":57802,"structure_id":13456,"section_number":"38.2-1905","catch_line":"Motor vehicle insurer not to charge points or increase premiums in certain instances","url":"\/38.2-1905\/","token":"38.2\/19\/38.2-1905","metadata":false},{"id":80697,"structure_id":13456,"section_number":"38.2-1905.1","catch_line":"Repealed","url":"\/38.2-1905.1\/","token":"38.2\/19\/38.2-1905.1","metadata":false},{"id":70804,"structure_id":13456,"section_number":"38.2-1906","catch_line":"Filing and use of rates","url":"\/38.2-1906\/","token":"38.2\/19\/38.2-1906","metadata":false},{"id":54809,"structure_id":13456,"section_number":"38.2-1906.1","catch_line":"Misquote of premium","url":"\/38.2-1906.1\/","token":"38.2\/19\/38.2-1906.1","metadata":false},{"id":67605,"structure_id":13456,"section_number":"38.2-1907","catch_line":"Filings open to inspection","url":"\/38.2-1907\/","token":"38.2\/19\/38.2-1907","metadata":false},{"id":61334,"structure_id":13456,"section_number":"38.2-1908","catch_line":"Rate making and delegation of filing obligation","url":"\/38.2-1908\/","token":"38.2\/19\/38.2-1908","metadata":false},{"id":76329,"structure_id":13456,"section_number":"38.2-1909","catch_line":"Review of rates by Commission","url":"\/38.2-1909\/","token":"38.2\/19\/38.2-1909","metadata":false},{"id":64325,"structure_id":13456,"section_number":"38.2-1910","catch_line":"Disapproval of rates","url":"\/38.2-1910\/","token":"38.2\/19\/38.2-1910","metadata":false},{"id":63878,"structure_id":13456,"section_number":"38.2-1911","catch_line":"Special restrictions on individual insurers","url":"\/38.2-1911\/","token":"38.2\/19\/38.2-1911","metadata":false},{"id":77322,"structure_id":13456,"section_number":"38.2-1912","catch_line":"Delayed effect of rates; certification of reinsurance with affiliated company","url":"\/38.2-1912\/","token":"38.2\/19\/38.2-1912","metadata":false},{"id":76016,"structure_id":13456,"section_number":"38.2-1912.1","catch_line":"Approval of prospective loss costs and supplementary rate information; \u00a7 38.2-119 rate filings","url":"\/38.2-1912.1\/","token":"38.2\/19\/38.2-1912.1","metadata":false},{"id":73514,"structure_id":13456,"section_number":"38.2-1913","catch_line":"Operation and control of rate service organizations","url":"\/38.2-1913\/","token":"38.2\/19\/38.2-1913","metadata":false},{"id":68776,"structure_id":13456,"section_number":"38.2-1914","catch_line":"Licensing of rate service organizations","url":"\/38.2-1914\/","token":"38.2\/19\/38.2-1914","metadata":false},{"id":77780,"structure_id":13456,"section_number":"38.2-1915","catch_line":"Joint underwriting or joint reinsurance organizations","url":"\/38.2-1915\/","token":"38.2\/19\/38.2-1915","metadata":false},{"id":82148,"structure_id":13456,"section_number":"38.2-1916","catch_line":"Certain conduct by insurers and rate service organizations prohibited","url":"\/38.2-1916\/","token":"38.2\/19\/38.2-1916","metadata":false},{"id":75759,"structure_id":13456,"section_number":"38.2-1916.1","catch_line":"Investigation by Attorney General of suspected violations; investigative demand to witnesses; access to business records, etc.; penalties","url":"\/38.2-1916.1\/","token":"38.2\/19\/38.2-1916.1","metadata":false},{"id":54431,"structure_id":13456,"section_number":"38.2-1916.2","catch_line":"Penalties; injunctive relief; restitution","url":"\/38.2-1916.2\/","token":"38.2\/19\/38.2-1916.2","metadata":false},{"id":64311,"structure_id":13456,"section_number":"38.2-1917","catch_line":"Injunctive relief","url":"\/38.2-1917\/","token":"38.2\/19\/38.2-1917","metadata":false},{"id":64825,"structure_id":13456,"section_number":"38.2-1918","catch_line":"Agreements for equitable apportionment of insurance","url":"\/38.2-1918\/","token":"38.2\/19\/38.2-1918","metadata":false},{"id":62231,"structure_id":13456,"section_number":"38.2-1919","catch_line":"Collection of experience data; uniformity; compilations available to insurers and rate service organizations","url":"\/38.2-1919\/","token":"38.2\/19\/38.2-1919","metadata":false},{"id":72323,"structure_id":13456,"section_number":"38.2-1919.1","catch_line":"Interchange of rating data and information","url":"\/38.2-1919.1\/","token":"38.2\/19\/38.2-1919.1","metadata":false},{"id":60173,"structure_id":13456,"section_number":"38.2-1920","catch_line":"Excess rate for a specific risk","url":"\/38.2-1920\/","token":"38.2\/19\/38.2-1920","metadata":false},{"id":81510,"structure_id":13456,"section_number":"38.2-1921","catch_line":"Combination policies","url":"\/38.2-1921\/","token":"38.2\/19\/38.2-1921","metadata":false},{"id":61464,"structure_id":13456,"section_number":"38.2-1921.1","catch_line":"Professional employer organization workers' compensation rating","url":"\/38.2-1921.1\/","token":"38.2\/19\/38.2-1921.1","metadata":false},{"id":54416,"structure_id":13456,"section_number":"38.2-1922","catch_line":"No rule prohibiting or regulating payment of dividends, etc., to be adopted","url":"\/38.2-1922\/","token":"38.2\/19\/38.2-1922","metadata":false},{"id":73419,"structure_id":13456,"section_number":"38.2-1923","catch_line":"Person aggrieved by application of rating system to be heard; appeal to Commission","url":"\/38.2-1923\/","token":"38.2\/19\/38.2-1923","metadata":false},{"id":56103,"structure_id":13456,"section_number":"38.2-1924","catch_line":"Cooperation among rate service organizations, or among rate service organizations and insurers, authorized; review by Commission","url":"\/38.2-1924\/","token":"38.2\/19\/38.2-1924","metadata":false},{"id":77979,"structure_id":13456,"section_number":"38.2-1925","catch_line":"Examination of rate service organizations and joint underwriting and joint reinsurance organizations","url":"\/38.2-1925\/","token":"38.2\/19\/38.2-1925","metadata":false},{"id":67284,"structure_id":13456,"section_number":"38.2-1926","catch_line":"Action of Commission upon request for hearing on order or decision made without a hearing","url":"\/38.2-1926\/","token":"38.2\/19\/38.2-1926","metadata":false},{"id":62597,"structure_id":13456,"section_number":"38.2-1927","catch_line":"Withholding information; giving false or misleading information","url":"\/38.2-1927\/","token":"38.2\/19\/38.2-1927","metadata":false},{"id":73884,"structure_id":13456,"section_number":"38.2-1928","catch_line":"Violations of chapter","url":"\/38.2-1928\/","token":"38.2\/19\/38.2-1928","metadata":false}],"previous_section":{"id":70651,"structure_id":13456,"section_number":"38.2-1903","catch_line":"Exemptions","url":"\/38.2-1903\/","token":"38.2\/19\/38.2-1903","metadata":false},"next_section":{"id":68129,"structure_id":13456,"section_number":"38.2-1904","catch_line":"Rate standards","url":"\/38.2-1904\/","token":"38.2\/19\/38.2-1904","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1903.1\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 548<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2002, chapter 437<\/a>; in 2005, chapter 251<\/a>; in 2009, chapter 644<\/a>; in 2011, chapters 618<\/a> and 636<\/a>.<\/p>","references":[{"id":69255,"section_number":"38.2-231","catch_line":"Notice of cancellation, refusal to renew, reduction in coverage or increase in premium of certain liability insurance policies","order_by":null,"url":"\/38.2-231\/"}],"refers_to":false,"permalink":{"id":212963,"object_type":"law","relational_id":86657,"identifier":"38.2-1903.1","token":"38.2\/19\/38.2-1903.1","url":"\/38.2-1903.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1903.1\/","token":"38.2\/19\/38.2-1903.1","dublin_core":{"Title":"Exemptions of large commercial risks","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1903.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any other provision of this title, an insurer<\/span> shall not be required to file with, or to receive approval from, the Commission<\/span> for policy forms and rates<\/span><\/span> used in the insurance<\/span> of large commercial risks. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The form approval and rate<\/span> filing exemption set forth in subsection A shall not apply to rates<\/span><\/span> and forms for writing workers’ compensation policies issued to large commercial risks. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A “large commercial risk” is a person<\/span> or entity that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has a risk manager to negotiate insurance<\/span> coverage. A risk manager means (i) an employee of the large commercial risk or (ii) a third party<\/span> consultant retained by the large commercial risk, who provides skilled services in loss prevention, loss reduction, or risk and insurance<\/span> coverage analysis, and the purchase of insurance<\/span>, and who possesses at least one of the following credentials:\n\t\t\t\ta. A bachelor’s or higher degree in risk management issued by an accredited institution of higher education;\n\t\t\t\tb. A designation as a Chartered Property and Casualty Underwriter (CPCU) issued by the American Institute for CPCU\/Insurance<\/span> Institute of America;\n\t\t\t\tc. A designation as an Associate in Risk Management (ARM) issued by the American Institute for CPCU\/Insurance<\/span> Institute of America;\n\t\t\t\td. A designation as a Certified Risk Manager (CRM) issued by the National Alliance for Insurance<\/span> Education & Research;\n\t\t\t\te. A designation as a Fellow in Risk Management (FRM) issued by the Global Risk Management Institute\/Risk & Insurance<\/span> Management; or\n\t\t\t\tf. At least five years of experience in one or more of the following areas of commercial property and casualty insurance<\/span>: (i) risk financing, (ii) claims administration, (iii) loss prevention, or (iv) risk and insurance<\/span> coverage analysis; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Meets at least two of the following criteria:\n\t\t\t\ta. Possesses a net worth in excess of $2 million;\n\t\t\t\tb. Generates annual revenues in excess of $2 million;\n\t\t\t\tc. Employs more than 10 full-time or full-time equivalent employees per individual insured;\n\t\t\t\td. Pays annual aggregate nationwide insurance<\/span> premiums in excess of $25,000;\n\t\t\t\te. Is a not-for-profit organization or public body generating annual budgeted expenditures of at least $5 million; or\n\t\t\t\tf. Is a municipality with a population in excess of 30,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> An insurer<\/span> providing a policy to a large commercial risk must obtain annual, written certification signed by the risk manager and an officer of the corporation from the large commercial risk certifying that the large commercial risk (i) employs the necessary qualified risk manager and stating the basis for the risk manager’s qualifications; (ii) meets two of the other criteria set forth in subdivision C 2; (iii) is aware that the policy being purchased is not subject to initial state<\/span> regulatory review or approval of rates<\/span><\/span> and forms; (iv) has the necessary expertise to negotiate its own policy language and rates<\/span><\/span>; and (v) agrees to the use of the exempted rates<\/span><\/span> and forms by its insurer<\/span> or insurers<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The policyholder certification shall be filed with and retained by the insurance company<\/span> issuing coverage to the large commercial risk. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXEMPTIONS OF LARGE COMMERCIAL RISKS (\u00a7 38.2-1903.1)\n\nA. Notwithstanding any other provision of this title, an insurer shall not be\nrequired to file with, or to receive approval from, the Commission for policy\nforms and rates used in the insurance of large commercial risks.\n\nB. The form approval and rate filing exemption set forth in subsection A shall\nnot apply to rates and forms for writing workers’ compensation policies\nissued to large commercial risks.\n\nC. A “large commercial risk” is a person or entity that:\n\n 1. Has a risk manager to negotiate insurance coverage. A risk manager means\n (i) an employee of the large commercial risk or (ii) a third party consultant\n retained by the large commercial risk, who provides skilled services in loss\n prevention, loss reduction, or risk and insurance coverage analysis, and the\n purchase of insurance, and who possesses at least one of the following\n credentials:\n \t\t\t\ta. A bachelor’s or higher degree in risk management issued by an\n accredited institution of higher education;\n \t\t\t\tb. A designation as a Chartered Property and Casualty Underwriter (CPCU)\n issued by the American Institute for CPCU\/Insurance Institute of America;\n \t\t\t\tc. A designation as an Associate in Risk Management (ARM) issued by the\n American Institute for CPCU\/Insurance Institute of America;\n \t\t\t\td. A designation as a Certified Risk Manager (CRM) issued by the National\n Alliance for Insurance Education & Research;\n \t\t\t\te. A designation as a Fellow in Risk Management (FRM) issued by the Global\n Risk Management Institute\/Risk & Insurance Management; or\n \t\t\t\tf. At least five years of experience in one or more of the following areas\n of commercial property and casualty insurance: (i) risk financing, (ii) claims\n administration, (iii) loss prevention, or (iv) risk and insurance coverage\n analysis; and\n\n 2. Meets at least two of the following criteria:\n \t\t\t\ta. Possesses a net worth in excess of $2 million;\n \t\t\t\tb. Generates annual revenues in excess of $2 million;\n \t\t\t\tc. Employs more than 10 full-time or full-time equivalent employees per\n individual insured;\n \t\t\t\td. Pays annual aggregate nationwide insurance premiums in excess of\n $25,000;\n \t\t\t\te. Is a not-for-profit organization or public body generating annual\n budgeted expenditures of at least $5 million; or\n \t\t\t\tf. Is a municipality with a population in excess of 30,000.\n\nD. An insurer providing a policy to a large commercial risk must obtain annual,\nwritten certification signed by the risk manager and an officer of the\ncorporation from the large commercial risk certifying that the large commercial\nrisk (i) employs the necessary qualified risk manager and stating the basis for\nthe risk manager’s qualifications; (ii) meets two of the other criteria\nset forth in subdivision C 2; (iii) is aware that the policy being purchased is\nnot subject to initial state regulatory review or approval of rates and forms;\n(iv) has the necessary expertise to negotiate its own policy language and rates;\nand (v) agrees to the use of the exempted rates and forms by its insurer or\ninsurers.\n\nE. The policyholder certification shall be filed with and retained by the\ninsurance company issuing coverage to the large commercial risk.\n\nHISTORY: 2000, c. 548; 2002, c. 437; 2005, c. 251; 2009, c. 644; 2011, cc. 618,\n636.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}