Oklahoma § 36-3306 - Exemptions--Waiver

§ 36-3306. Exemptions--Waiver

A. An insurer shall be exempt from the requirements of this

act, 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 Federal Flood Program, of less than Five

Hundred Million Dollars ($500,000,000.00); 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 Federal

Flood Program, of less than One Billion Dollars ($1,000,000,000.00).

B. If an insurer qualifies for exemption pursuant to paragraph

1 of subsection A of this section, but the insurance group of which

the insurer is a member does not qualify for exemption pursuant to

paragraph 2 of subsection A of this section, then the ORSA Summary

Report that may be required pursuant to Section 5 of this act 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

paragraph 1 of subsection A of this section, but the insurance group

of which it is a member qualifies for exemption pursuant to

paragraph 2 of subsection A of this section, then the only ORSA

Oklahoma Statutes - Title 36. Insurance

Summary Report that may be required pursuant to the provisions of

Section 5 of this act shall be the report applicable to that

insurer.

D. An insurer that does not qualify for exemption pursuant to

subsection A of this section may apply to the Insurance Commissioner

for a waiver from the requirements of this act. In deciding whether

to grant the insurer's request for waiver, the Insurance

Commissioner may consider the type and volume of business written,

ownership and organizational structure, and any other factor the

Insurance 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 Insurance Commissioner 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.

E. Notwithstanding the exemptions stated in this section:

1. The Insurance Commissioner may require that an insurer

maintain a risk management framework, conduct an ORSA and file an

ORSA Summary Report based on 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 Insurance 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 a

Company Action Level Event as provided by law, meets one or more of

the standards of an insurer deemed to be in hazardous financial

condition as provided by law or otherwise exhibits qualities of a

troubled insurer as determined by the Insurance Commissioner.

F. If an insurer that qualifies for an exemption pursuant to

subsection A of this section 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 (1) year following

the year the threshold is exceeded to comply with the requirements

of this act.

Added by Laws 2015, c. 228, § 6, eff. Jan. 1, 2016.