For the purposes of §§ 58-24-68 to 58-24-74, inclusive, the term, risk manager, means an employee of the exempt commercial policyholder, or a third–party consultant retained by the policyholder who provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis, and the purchase of insurance, and who possesses at least one of the following credentials:

(1) A bachelor’s or higher degree in risk management issued by an accredited college or university;

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(2) A designation as a chartered property and casualty underwriter issued by the American Institute for Chartered Property and Casualty Underwriters and Insurance Institute of America;

(3) A designation as an associate in risk management issued by the American Institute for Chartered Property and Casualty Underwriters and Insurance Institute of America;

(4) A designation as a certified risk manager issued by the National Alliance for Insurance Education and Research;

(5) A designation as a fellow in risk management or RIMS fellow issued by the Global Risk Management Institute; or

(6) At least seven years of experience in one or more of the following areas of commercial property and casualty insurance:

(a) Risk financing;

(b) Claims administration;

(c) Loss prevention; or

(d) Risk and insurance coverage analysis.

Source: SL 2004, ch 307, § 2.