Or. Admin. R. 836-011-0130
Current through Register Vol. 63, No. 8, August 1, 2024
Section 836-011-0130 - Exemptions(1) The following authorized insurers are exempt from the requirements of OAR 836-011-0100 to 836-011-0230: (a) An insurer having direct premiums written in this state of less than $1,000,000 in any calendar year and having fewer than 1,000 policyholders or certificate holders of directly written policies nationwide at the end of the same calendar year is exempt from OAR 836-011-0100 to 836-011-0230 for the year unless the Director determines with respect to the insurer that compliance is necessary for the Director to carry out statutory responsibilities. The exemption under this subsection does not apply to any insurer that has assumed premiums pursuant to contracts or treaties of reinsurance, or both, of $1,000,000 or more.(b) A foreign or alien insurer that has filed the audited financial report in another state pursuant to the other State's requirement of audited financial reports, if the Director determines that the other state's requirements are substantially similar to the requirements of OAR 836-011-0100 to 836-011-0230 and if the foreign or alien insurer does both of the following:(A) Files with the Director a copy of the Audited Financial Report, the Communication of Internal Control Related Matters Noted in an Audit and the Accountant's Letter of Qualifications that are filed with the other state, in accordance with the filing dates specified in OAR 836-011-0120, 836-011-0200, and 836-011-0210. In lieu of the requirements of this paragraph, a Canadian insurer may file accountants' reports as filed with the Office of the Superintendent of Financial Institutions, Canada.(B) Files with the Director a copy of any Notification of Adverse Financial Condition Report filed with the other state. The copy must be filed with the Director within the time specified in OAR 836-011-0190.(c) An insurer to whom the Director has granted an exemption under section (2) of this rule, during the period in which the exemption is effective.(d) A foreign or alien insurer required to file Management's Report of Internal Control over Financial Reporting in another state is exempt from filing the Report in this state if the other state has substantially similar reporting requirements and the Report is filed with the insurance commissioner of the other state within the time specified.(2) Upon written application of any insurer, the Director may grant an exemption from compliance with one or more provisions of OAR 836-011-0100 to 836-011-0230 if the Director finds upon review of the application that compliance would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. Not later than the 10th day after denial of an insurer's written request for an exemption under this section, the insurer may request in writing a hearing on its application for an exemption.Or. Admin. R. 836-011-0130
ID 4-1992, f. & cert. ef. 3-26-92; ID 22-2002, f. & cert. ef. 11-27-02; ID9-2008, f. 6-30-08, cert. ef. 7-1-08; ID 11-2008, f. & cert. ef. 7-29-08Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488