Section 23-69-407 - Exemption - Applicability(a) An insurer is exempt from this subchapter if:(1) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of 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 premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than one billion dollars ($1,000,000,000).(b)(1) If an insurer qualifies for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does not qualify for an exemption under subdivision (a)(2) of this section, then an own risk and solvency assessment summary report required under § 23-69-406 shall include every insurer that is a member of the insurance group.(2) In order to meet the requirement under subdivision (b)(1) of this section, an insurer may submit more than one (1) own risk and solvency assessment summary report for any combination of insurers if any combination of own risk and solvency assessment summary reports includes every insurer within the insurance group.(c) If an insurer does not qualify for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does qualify for an exemption under subdivision (a)(2) of this section, then only an own risk and solvency assessment summary report applicable to the insurer is required under § 23-69-406.(d)(1) An insurer that does not qualify for an exemption under subdivision (a)(1) of this section may request a waiver from the Insurance Commissioner of the reporting requirements under this subchapter due to unique circumstances.(2) In determining whether to grant a waiver to an insurer under subdivision (d)(1) of this section, the Insurance Commissioner may: (A) Consider the insurer's type and volume of business written, ownership and organizational structure, and any other factors the commissioner considers relevant to the insurer or insurance group of which the insurer is a member; or(B) Coordinate with the insurance group's lead state commissioner and other domiciliary commissioners if the insurer is a member of an insurance group with insurers domiciled in more than one (1) state, to determine whether or not to grant the insurer's waiver request.(e) Notwithstanding an exemption under this section, the Insurance Commissioner may require that an insurer: (1) Maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary report based on an insurer's unique circumstances, including without limitation the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or(2) 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: (A) Has risk-based capital for a company action level event under § 23-63-1304 or § 23-63-1503; or(B) Meets at least one (1) of the standards of an insurer deemed to be in a hazardous financial condition, as defined in State Insurance Department Rule 53, or otherwise exhibits qualities of a troubled insurer as determined by the Insurance Commissioner.(f) If an insurer has qualified for an exemption under subsection (a) of this section and subsequently no longer qualifies for that exemption due to changes in premiums 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, then the insurer shall have one (1) year following the year the threshold is exceeded to comply with this subchapter.(g) A domiciled insurer shall be subject to this subchapter unless the insurer is exempt under this section.Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.