When was the commercial purchaser exemption established?

The commercial purchaser exemption was established on July 21, 2011. This exemption allows certain commercial entities to purchase insurance without some of the typical regulatory requirements that apply to other buyers in the surplus lines market. The intention behind this exemption is to facilitate access to specialized insurance products for larger commercial buyers who are often more experienced and capable of negotiating their own coverage terms.

Understanding the specific date is important as it reflects when the legislative changes took effect, impacting how commercial entities navigate their insurance purchases. This date also signifies the regulatory landscape's evolution in response to the needs of commercial purchasers who often require insurance tailored to their unique operational risks, which may not be readily available in the standard market.