(1)An insurer shall be exempt from the requirements of
the Risk Management and Own Risk and Solvency Assessment Act 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, of 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,
of less than one billion dollars.
(2)If an insurer qualifies for exemption
pursuant to subdivision (1)(a)
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(1) An insurer shall be exempt from the requirements of
the Risk Management and Own Risk and Solvency Assessment Act 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, of 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,
of less than one billion dollars.
(2) If an insurer qualifies for exemption
pursuant to subdivision (1)(a) of this section, but the insurance group of
which the insurer is a member does not qualify for exemption pursuant to subdivision
(1)(b) of this section, then the own risk and solvency assessment summary
report required pursuant to section 44-9007 shall include every insurer within
the insurance group. This requirement may be satisfied by the submission of
more than one own risk and solvency assessment summary report for any combination
of insurers if the combination of reports includes every insurer within the
insurance group.
(3) If an insurer does not qualify for exemption pursuant to subdivision
(1)(a) of this section, but the insurance group of which the insurer is a
member qualifies for exemption pursuant to subdivision (1)(b) of this section,
then the only own risk and solvency assessment summary report required pursuant
to section 44-9007 shall be the report applicable to that insurer.
(4) An insurer
that does not qualify for exemption pursuant to subsection (1) of this section
may apply to the director for a waiver from the requirements of the act based
upon unique circumstances. In deciding whether to grant the insurer's request
for waiver, the director may consider the type and volume of business written,
ownership and organizational structure, and any other factor the director
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 director shall coordinate with the lead state
insurance commissioner and with the other domiciliary insurance commissioners
in considering whether to grant the insurer's request for a waiver.
(5) Notwithstanding
the exemptions stated in this section:
(a) The director may require that an insurer
maintain a risk management framework, conduct an own risk and solvency assessment,
and file an own risk and solvency assessment summary report based on unique
circumstances, including, but not limited to, the type and volume of business
written, ownership and organizational structure, federal agency requests,
and international supervisor requests; and
(b) The director may require that an insurer
maintain a risk management framework, conduct an own risk and solvency assessment,
and file an own risk and solvency assessment summary report if the insurer
has risk-based capital for a company action level event as set forth in section 44-6016 , meets one or more of the standards of an insurer deemed to be in
hazardous financial condition as defined by rule and regulation adopted and
promulgated by the director to define standards for companies deemed to be
in hazardous financial condition, or otherwise exhibits qualities of a troubled
insurer as determined by the director.
(6) If an insurer that qualified for an
exemption pursuant to subsection (1) of this section 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 shall
have one year after the year the threshold is exceeded to comply with the
requirements of the act.