§ 27-77-6. Exemption.
(a) An insurer shall be exempt from the requirements of this chapter, if:
(1) 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 Federal Flood Program, less than five hundred
million dollars ($500,000,000); and
(2) 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 Federal
Flood Program, less than one billion dollars ($1,000,000,000).
(b) If an insurer qualifies for exemption pursuant to subsection (a)(1) of this section,
but the insurance group of which the insurer is a member does not qualify for exemption
pursuant to subsection (a)(2), then the ORSA summary report that may be required pursuant
to § 27-77-5 shall 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
provided any combination of reports includes every insurer within the insurance group.
(c) If an insurer does not qualify for exemption pursuant to subsection (a)(1) of this
section, but the insurance group of which it is a member qualifies for exemption pursuant
to subsection (a)(2), then the only ORSA summary report that may be required pursuant
to § 27-77-5 shall be the report applicable to that insurer.
(d) An insurer that does not qualify for exemption pursuant to subsection (a) may apply
to the commissioner for a waiver from the requirements of this chapter 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.
(e) Notwithstanding the exemptions stated in this section:
(1) 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,
but not limited to, the type and volume of business written, ownership and organizational
structure, federal agency requests, and international supervisor requests; and
(2) 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 company action level event as defined and governed by chapter 4.6 of this title,
meets one or more of the standards of an insurer deemed to be in hazardous financial
condition as defined in chapter 14.2 of this title, or otherwise exhibits qualities
of a troubled insurer as determined by the commissioner.
(f) If an insurer that qualifies for an exemption pursuant to subsection (a) 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
shall have one year following the year the threshold is exceeded to comply with the
requirements of this chapter.