(a) No regular routine inspection shall be required when an owner or user of an elevator:
(1) Obtains an inspection by an insurance company licensed to do business in the state and that is rated by the AM Best insurance industry rating services agency at a rating of B or better or the equivalent rating by another national insurance industry rating services agency;
(2) obtains a policy of insurance from such company for the elevator;
(3) files with the state fire marshal a certificate of inspection by an insurance company inspector and a statement that such elevator is insured; and
(4) pays an administrative fee to the state fire marshal of not to exceed $100.
(b) This section shall be a part of and supplemental to the elevator safety act.