For purposes of this chapter, “qualified risk manager” means, with respect to a policyholder of commercial insurance, a person who:
(1) is an employee of, or third-party consultant retained by, a commercial policyholder;
(2) provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis and the purchase of insurance; and
(3) satisfies the requirements of one of the following paragraphs:
(A) has:
(i) a bachelor’s or higher degree from an accredited college or university in risk management, business administration, finance, economics, or another field determined by a state insurance commissioner or other state regulatory official or entity to demonstrate competence in risk management; and
(ii) either:
(a) at least three years of experience in risk financing, claims administration, loss prevention, risk and insurance analysis, or purchasing of commercial lines of insurance; or
(b) a designation, certification, or license:
(1) as a chartered property casualty underwriter (CPCU), issued by the American Institute for CPCU/Insurance Institute of America;
(2) as an associate in risk management (ARM) issued by the American Institute for CPCU/Insurance Institute of America;
(3) as a Certified Risk Manager (CRM) issued by the National Alliance for Insurance Education and Research;
(4) as a RIMS Fellow (RF) issued by the Global Risk Management Institute; or
(5) that is determined by a state insurance commissioner or other state insurance regulatory official or entity to demonstrate minimum competence in risk management;
(B) has at least seven years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing of commercial lines of insurance and one of the designations, certifications, or licenses described by Paragraph (A)(ii)(b);
(C) has at least 10 years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; or
(D) has a graduate degree from an accredited college or university in risk management, business administration, finance, economics, or another field determined by a state insurance commissioner or other state regulatory official or entity to demonstrate competence in risk management.