Vermont § 3586 - Exemption

§ 3586. Exemption

• (a) An insurer shall be exempt from the requirements of this subchapter 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 $500,000,000.00;
  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 $1,000,000,000.00. (b) If an insurer qualifies for exemption under subdivision (a)(1) of this section but
  the insurance group of which the insurer is a member does not qualify for exemption
  under subdivision (a)(2), then any summary report required under section 3585 of this
  subchapter shall include every insurer within the insurance group. This requirement
  may be satisfied by the submission of more than one 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 under subdivision (a)(1) of this section
  but the insurance group of which it is a member qualifies for exemption under subdivision
  (a)(2), then the only summary report required under section 3585 of this subchapter
  shall be the report applicable to that insurer. (d) An insurer that does not qualify for exemption under subsection (a) of this section
  may apply to the Commissioner for a waiver from the requirements of this subchapter
  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
  the type and volume of business written, ownership and organizational structure, federal
  agency requests, and international supervisor requests. (2) The Commissioner may require that an insurer maintain a risk management framework,
  conduct an ORSA assessment, and file a summary report if the insurer has risk based
  capital for company action level event as set forth in section 8303 of this title, meets one or more of the standards of an insurer deemed to be in hazardous financial
  condition as defined in Department Regulation I-93-2, sections 3-4, or otherwise exhibits
  qualities of a troubled insurer as determined by the Commissioner. (f) If an insurer that qualifies for an exemption under 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 year following the year the threshold is exceeded to comply with the
  requirements of this subchapter. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)