Page:United States Statutes at Large Volume 124.djvu/1619

 124 STAT. 1593 PUBLIC LAW 111–203—JULY 21, 2010 (i) the State in which an insured maintains its principal place of business or, in the case of an indi- vidual, the individual’s principal residence; or (ii) if 100 percent of the insured risk is located out of the State referred to in clause (i), the State to which the greatest percentage of the insured’s tax- able premium for that insurance contract is allocated. (B) AFFILIATED GROUPS.—If more than 1 insured from an affiliated group are named insureds on a single non- admitted insurance contract, the term ‘‘home State’’ means the home State, as determined pursuant to subparagraph (A), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract. (7) INDEPENDENTLY PROCURED INSURANCE.—The term ‘‘independently procured insurance’’ means insurance procured directly by an insured from a nonadmitted insurer. (8) NAIC.—The term ‘‘NAIC’’ means the National Associa- tion of Insurance Commissioners or any successor entity. (9) NONADMITTED INSURANCE.—The term ‘‘nonadmitted insurance’’ means any property and casualty insurance per- mitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance. (10) NON-ADMITTED INSURANCE MODEL ACT.—The term ‘‘Non-Admitted Insurance Model Act’’ means the provisions of the Non-Admitted Insurance Model Act, as adopted by the NAIC on August 3, 1994, and amended on September 30, 1996, December 6, 1997, October 2, 1999, and June 8, 2002. (11) NONADMITTED INSURER.—The term ‘‘nonadmitted insurer’’— (A) means, with respect to a State, an insurer not licensed to engage in the business of insurance in such State; but (B) does not include a risk retention group, as that term is defined in section 2(a)(4) of the Liability Risk Retention Act of 1986 (15 U.S.C. 3901(a)(4)). (12) PREMIUM TAX.—The term ‘‘premium tax’’ means, with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, reg- istration fees, and any other compensation given in consider- ation for a contract of insurance. (13) QUALIFIED RISK MANAGER.—The term ‘‘qualified risk manager’’ means, with respect to a policyholder of commercial insurance, a person who meets all of the following requirements: (A) The person is an employee of, or third-party consultant retained by, the commercial policyholder. (B) The person provides skilled services in loss preven- tion, loss reduction, or risk and insurance coverage anal- ysis, and purchase of insurance. (C) The person— (i)(I) has a bachelor’s degree or higher from an accredited college or university in risk management, business administration, finance, economics, or any