<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-24-68 - Exempt commercial policyholder--Definition.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s4ea43822b53f4cb5b72084e601f6cd0dNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s4ea43822b53f4cb5b72084e601f6cd0dSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s4ea43822b53f4cb5b72084e601f6cd0dCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s4ea43822b53f4cb5b72084e601f6cd0dStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; 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margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s4ea43822b53f4cb5b72084e601f6cd0dSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-24-68 - Exempt commercial policyholder--Definition."><meta property="og:description" content="SDLRC Codified Law 58-24-68 - Exempt commercial policyholder--Definition."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-24-68"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dNormal"><a href="https://sdlegislature.gov/Statutes?Statute=58-24-68" rel="noopener"><span class="s4ea43822b53f4cb5b72084e601f6cd0dSENU">58-24-68</span></a><span xml:space="preserve" class="s4ea43822b53f4cb5b72084e601f6cd0dSENU">. </span><span class="s4ea43822b53f4cb5b72084e601f6cd0dCL">Exempt commercial policyholder--Definition.</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatute"><span xml:space="preserve" class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">For the purposes of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=58-24-68" rel="noopener"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">58-24-68</span></a><span xml:space="preserve" class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=58-24-74" rel="noopener"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">58-24-74</span></a><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">, inclusive, the term, exempt commercial policyholder, means any person who applies for or procures any kind of property casualty insurance, except title or workers' compensation insurance, through the use of a risk manager employed or retained by such person, and meets at least two of the following qualifications:</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(1)    Has purchased the insurance with aggregate premiums in the sum of at least fifty thousand dollars, during the most recently completed calendar year;</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(2)    Has a net worth of at least ten million dollars, as reported in the policyholder's most recently issued financial statement, reviewed or audited by an independent certified public accountant;</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(3)    Has annual net revenues or net sales of at least ten million dollars, as reported in the policyholder's most recently issued financial statement, reviewed or audited by an independent certified public accountant;</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(4)    Employs at least one hundred full</span><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont-000000">-</span><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">time employees, either individually or, if the policyholder is a member of an affiliated group, collectively with all members of the affiliated group;</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(5)    Has, if the policyholder is a nonprofit organization, an annual operating budget of at least two million five hundred thousand dollars, for the most recently completed calendar or fiscal year, whichever applies;</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(6)    Has, if the policyholder is a public entity, an operating budget of at least ten million dollars, for the most recently completed calendar or fiscal year, whichever applies; or</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dStatuteNumber1"><span class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont">(7)    Has, if the policyholder is a municipality, a population of at least twenty thousand.</span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dNormal"><span xml:space="preserve" class="s4ea43822b53f4cb5b72084e601f6cd0d000001"> </span></p><p dir="ltr" class="s4ea43822b53f4cb5b72084e601f6cd0dNoIndent"><span xml:space="preserve" class="s4ea43822b53f4cb5b72084e601f6cd0dDefaultParagraphFont-000002">Source: </span><span class="s4ea43822b53f4cb5b72084e601f6cd0dSCL">SL 2004, ch 307, § 1; SL 2022, ch 183, § 1.</span></p></div></body></html>