Section 58-5A-89 - Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary reportNotwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93, inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report:
(1) Based on unique circumstances including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or(2) If the insurer has risk-based capital levels requiring company action, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer as determined by the director.Added by S.L. 2017, ch. 210,s. 10, eff. 7/1/2017.