As used in this article:
(a) "Admitted insurer" means an insurer licensed to do an insurance business in this state.
(b) "Business entity" means a corporation, association, partnership, limited liability company, or other legal entity.
(c) "Capital", as used in the financial requirements of section five of this article, means funds paid in for stock or other evidence of ownership.
(d) "Commissioner" means the Insurance Commissioner of West Virginia, or the commissioner's deputies or staff, or the commissioner, director or superintendent of insurance in any other state.
(e) "Eligible surplus lines insurer" means a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance pursuant to section five of this article.
(f) "Exempt commercial purchaser" means any person purchasing commercial insurance that, at the time of placement, employs or retains a qualified risk manager to negotiate insurance coverage, has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding twelve months, and meets at least one of the following criteria:
(1) Has a net worth in excess of $20 million;