(1)An insurer is exempt from the requirements of
this part 15 if:
(a)The insurer has annual direct written and unaffiliated assumed premium,
including international direct and assumed premium, but excluding premiums
reinsured with the federal crop insurance corporation and national flood insurance
program, less than five hundred million dollars; and
(b)The insurance group of which the insurer is a member has annual direct
written and unaffiliated assumed premium, including international direct and
assumed premium, but excluding premiums reinsured with the federal crop
insurance corporation and national flood insurance program, less than one billion
dollars.
(2)If an insurer qualifies for exemption under paragraph (a) of subsection (1)
of this section, but the insurance grou
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(1) An insurer is exempt from the requirements of
this part 15 if:
(a) The insurer has annual direct written and unaffiliated assumed premium,
including international direct and assumed premium, but excluding premiums
reinsured with the federal crop insurance corporation and national flood insurance
program, less than five hundred million dollars; and
(b) The insurance group of which the insurer is a member has annual direct
written and unaffiliated assumed premium, including international direct and
assumed premium, but excluding premiums reinsured with the federal crop
insurance corporation and national flood insurance program, less than one billion
dollars.
(2) If an insurer qualifies for exemption under paragraph (a) of subsection (1)
of this section, but the insurance group of which the insurer is a member does not
qualify for exemption under paragraph (b) of subsection (1) of this section, then the
ORSA summary report required under section 10-3-1505 must include every insurer
within the insurance group. This requirement may be satisfied by the submission of
more than one ORSA summary report for any combination of insurers if any
combination of reports includes every insurer within the insurance group.
(3) If an insurer does not qualify for exemption under paragraph (a) of
subsection (1) of this section, but the insurance group of which it is a member
qualifies for exemption under paragraph (b) of subsection (1) of this section, then
the only ORSA summary report required under section 10-3-1505 is the report
applicable to that insurer.
(4) An insurer that does not qualify for exemption under subsection (1) of this
section may apply to the commissioner for a waiver from the requirements of this
part 15 based upon unique circumstances. In deciding whether to grant the insurer's
request for waiver, the commissioner may consider the type and volume of business
written, ownership and organizational structure, and any other factor the
commissioner considers relevant to the insurer or insurance group of which the
insurer is a member. If the insurer is part of an insurance group with insurers
domiciled in more than one state, the commissioner shall coordinate with the lead
state commissioner and with the other domiciliary commissioners in considering
whether to grant the insurer's request for a waiver.
(5) Notwithstanding the exemptions provided in this section:
(a) The commissioner may require that an insurer maintain a risk
management framework, conduct an ORSA, and file an ORSA summary report
based on unique circumstances including the type and volume of business written,
ownership and organizational structure, federal agency requests, and international
supervisor requests;
(b) The commissioner may require that an insurer maintain a risk
management framework, conduct an ORSA, and file an ORSA summary report if the
insurer has risk-based capital for a company action level event as set forth in the
applicable rules promulgated by the commissioner relating to insurers' risk-based
capital, meets one or more of the standards of an insurer deemed to be in
hazardous financial condition as defined in the applicable rules promulgated by the
commissioner to define standards and the commissioner's authority for companies
deemed to be in hazardous financial condition, or otherwise exhibits qualities of a
troubled insurer as determined by the commissioner.
(6) If an insurer that qualifies for an exemption under subsection (1) of this
section subsequently no longer qualifies for that exemption due to changes in
premium as reflected in the insurer's most recent annual statement or in the most
recent annual statements of the insurers within the insurance group of which the
insurer is a member, the insurer has one year after the year the threshold is
exceeded to comply with the requirements of this part 15.