Section 27-1-3.5-5 - Application of chapter; exemptions(a) Except as provided in subsections (b) and (c), this chapter applies to all domestic insurers.(b) A domestic insurer that has:(1) direct written premiums of less than one million dollars ($1,000,000) in any calendar year;(2) less than one thousand (1,000) policyholders or certificate holders of directly written policies nationwide at the end of a calendar year; and(3) assumed premiums under contracts or treaties of reinsurance of less than one million dollars ($1,000,000); is exempt from this chapter with respect to that year. However, the commissioner may require compliance with this chapter upon a finding that compliance with this chapter is necessary for the commissioner to carry out a statutory responsibility.
(c) A foreign or an alien insurer that files an audited financial report in another state or country pursuant to that state's or country's requirement for audited financial reports is exempt, with respect to the year of that audited financial report, from the requirement to file an audited financial report with the commissioner under this chapter, if: (1) the commissioner has found the other state's or country's requirement for audited financial reports to be substantially similar to the requirements of this chapter;(2) copies of the audited financial report, a communication of internal control related matters noted in an audit, and the accountant's letter of qualifications filed with the other state or country are filed with the commissioner in accordance with the filing requirements set forth in sections 6, 8, and 12 of this chapter; and(3) a copy of a notification of an adverse financial condition report that is filed with the other state is filed with the commissioner within the time specified in section 11 of this chapter. This subsection does not prevent the commissioner from ordering, conducting, or performing examinations of foreign or alien insurers under the rules, regulations, and practices of the department.
Amended by P.L. 146-2015, SEC. 12, eff. 7/1/2015.As added by P.L. 244-1989, SEC.2. Amended by P.L. 251-1995, SEC.5.