South Dakota Codified Laws 58-24-68. Exempt commercial policyholder–Definition
For the purposes of §§ 58-24-68 to 58-24-74, 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:
(1) Has purchased the insurance with aggregate premiums in the sum of at least fifty thousand dollars, during the most recently completed calendar year;
Terms Used In South Dakota Codified Laws 58-24-68
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(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;
(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;
(4) Employs at least one hundred full–time employees, either individually or, if the policyholder is a member of an affiliated group, collectively with all members of the affiliated group;
(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;
(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
(7) Has, if the policyholder is a municipality, a population of at least twenty thousand.
Source: SL 2004, ch 307, § 1; SL 2022, ch 183, § 1.