Sec. 1. 24-A MRSA §2412-A is enacted to read:

§2412-A.__Large commercial contracts

1.__Definitions.__As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

A.__"Contract of insurance" means a contract of insurance, as defined in section 3, that provides for property or casualty insurance coverages or a combination of property or casualty insurance.

B.__"Large commercial policyholder" means a holder of a contract of insurance that is a corporation, partnership, trust, sole proprietorship or other business or public entity and that has certified that it meets at least 2 of the following criteria:

(1)__Net worth of $10,000,000;

(2)__Net revenue or sales of $5,000,000;

(3)__More than 25 employees per individual company or more than 50 employees per holding company aggregate;

(4)__Use of an employed or retained risk manager to procure insurance;

(5)__Aggregate insurance premiums of $25,000 excluding workers' compensation and medical malpractice liability;

(6)__Nonprofit or public entity with an annual budget or assets of $25,000,000 or more; and

(7)__A municipality with a population of 20,000 or more.

2.__Regulation of policy; establishing rates.__This chapter, as it relates to the regulation of policy form and content and the filing, approval and fixing of establishing rates under chapter 25, subchapter I, does not apply to a contract of insurance issued to a large commercial policyholder.

3.__Underwriting files.__Notwithstanding subsection 2, an insurer issuing contracts of insurance to large commercial policyholders shall maintain underwriting files; premium, loss and expense statistics; and financial and other records with