§ 35A-55 — Provisions of Article supplemental; exemptions

(a) The provisions of this Article are supplemental to the provisions of any other laws of this State and do not preclude or limit other powers or duties of the Director under any other laws. (b) The Director may exempt from the application of this Article any domestic property and casualty insurer that: (1) writes direct business only in this State; (2) writes direct annual premiums of $2,000,000 or less; and (3) assumes no reinsurance in excess of 5% of direct premium written. (c) The Director may exempt from the application of this Article any company that is organized under Article IV of this Code, that writes direct business only in this State, and that assumes no reinsurance in excess of 5% of direct written premiums. (d) The Director may exempt from the application of this Article any domestic health organization upon a showing by the health organization of the reasons for requesting the exemption and a determination by the Director of good cause for an exemption. (e) The Director may by rule impose upon any insurer exempted from the application of this Article under subsection (b), (c), or (d) of this Section conditions to the exemption that require maintenance of adequate capital. These conditions shall not exceed the requirements of this Article.

Legislative History

(Source: P.A. 91-549, eff. 8-14-99 .)