22.288.11 97th Legislative Session 249
ENROLLED
An Act
ENTITLED An Act to reduce the exempt commercial policyholder aggregate premium requirement.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 58-24-68 be AMENDED:
58-24-68. 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;
(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.
An Act to reduce the exempt commercial policyholder aggregate premium requirement.
I certify that the attached Act originated in the:
Chief Clerk
Speaker of the House
Attest:
Chief Clerk
President of the Senate
Attest:
Secretary of the Senate
File No. ____ Chapter No. ______
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Received at this Executive Office this _____ day of _____________,
2022 at ____________M.
for the Governor
The attached Act is hereby approved this ________ day of ______________, A.D., 2022
ss. Office of the Secretary of State
Filed ____________, 2022 at _________ o'clock __M.
Secretary of State
Asst. Secretary of State
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