admitted and nonadmitted insurance have experi-
enced shifts in the volume of business between ad-
mitted and nonadmitted insurance; and 
(5) the extent to which there has been a change 
in the number of individuals who have nonadmitted 
insurance policies, the type of coverage provided 
under such policies, and whether such coverage is 
available in the admitted insurance market. 
(c) CONSULTATION WITH NAIC.—In conducting the 
study under this section, the Comptroller General shall 
consult with the NAIC. 
(d) REPORT.—The Comptroller General shall com-
plete the study under this section and submit a report to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate regarding the findings of the 
study not later than 30 months after the effective date 
of this Act. 
SEC. 107. DEFINITIONS. 
For purposes of this title, the following definitions 
shall apply: 
(1) ADMITTED INSURER.—The term ‘‘admitted 
insurer’’ means, with respect to a State, an insurer 
licensed to engage in the business of insurance in 
such State. 
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(2) EXEMPT
COMMERCIAL
PURCHASER.—The 
term ‘‘exempt commercial purchaser’’ means any 
person purchasing commercial insurance that, at the 
time of placement, meets the following requirements: 
(A) The person employs or retains a quali-
fied risk manager to negotiate insurance cov-
erage. 
(B) The person has paid aggregate nation-
wide commercial property and casualty insur-
ance premiums in excess of $100,000 in the im-
mediately preceding 12 months. 
(C)(i) The person meets at least one of the 
following criteria: 
(I) The person possesses a net worth 
in excess of $20,000,000, as such amount 
is adjusted pursuant to clause (ii). 
(II) The person generates annual rev-
enues in excess of $50,000,000, as such 
amount is adjusted pursuant to clause (ii). 
(III) The person employs more than 
500 full time or full time equivalent em-
ployees per individual insured or is a mem-
ber of affiliated group employing more 
than 1,000 employees in the aggregate. 
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(IV) The person is a not-for-profit or-
ganization or public entity generating an-
nual budgeted expenditures of at least 
$30,000,000, as such amount is adjusted 
pursuant to clause (ii). 
(V) The person is a municipality with 
a population in excess of 50,000 persons. 
(ii) Effective on the fifth January 1 occur-
ring after the date of the enactment of this Act 
and each fifth January 1 occurring thereafter, 
the amounts in subclauses (I), (II), and (IV) of 
clause (i) shall be adjusted to reflect the per-
centage change for such five-year period in the 
Consumer Price Index for All Urban Con-
sumers published by the Bureau of Labor Sta-
tistics of the Department of Labor. 
(3) HOME
STATE.—The term ‘‘home State’’ 
means 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. 
(4) INDEPENDENTLY PROCURED INSURANCE.— 
The term ‘‘independently procured insurance’’ 
means insurance procured directly by an insured 
from a nonadmitted insurer. 
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