Section 27-1-23.5-11 - Exemptions(a) Except as otherwise provided in this section, an insurer is exempt from the requirements of this chapter 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, of less than five hundred million dollars ($500,000,000); 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, of less than one billion dollars ($1,000,000,000).(b) If:(1) an insurer qualifies under subsection (a)(1) for exemption from the requirements of this chapter; and(2) the insurance group of which the insurer is a member does not qualify for exemption under subsection (a)(2); an ORSA summary report required by section 10 of this chapter must include every insurer that is a member of the insurance group.
(c) If: (1) an insurance group described in subsection (b) submits more than one (1) ORSA summary report for a combination of insurers; and(2) the combination of ORSA summary reports submitted as described in subdivision (1) includes every insurer that is a member of the insurance group; the insurance group is considered to be in compliance with subsection (b).
(d) If:(1) an insurer does not qualify under subsection (a)(1) for exemption from the requirements of this chapter; and(2) the insurance group of which the insurer is a member qualifies for exemption under subsection (a)(2); the only ORSA summary report that is required under section 10 of this chapter is the report that applies to the insurer.
(e) An insurer that does not qualify under subsection (a) for exemption from the requirements of this chapter may apply to the commissioner for a waiver from the requirements of this chapter based on unique circumstances. In deciding whether to grant an insurer's request for a waiver, the commissioner: (1) 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; and(2) shall, if the insurer is part of an insurance group with insurers domiciled in more than one (1) state, coordinate with the: (A) lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook); and(B) other domiciliary commissioners; in considering whether to grant the insurer's request for a waiver.
(f) The commissioner may, regardless of an insurer's qualification under this section for exemption from the requirements of this chapter, require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report if one (1) of the following applies:(1) If unique circumstances exist, as determined by the commissioner, including the following: (A) The type and volume of business written by the insurer.(B) The insurer's ownership and organizational structure.(C) The request of a federal agency.(D) The request of an international supervisor.(2) If the insurer: (A) has authorized control level RBC for a company action level event under IC 27-1-36;(B) meets at least one (1) of the standards of an insurer considered to be in hazardous financial condition according to rules adopted by the department under IC 27-1-3-7; or(C) exhibits other qualities of a troubled insurer, as determined by the commissioner.(g) If an insurer ceases to qualify for an exemption under this section due to changes in premium, as reflected in: (1) the insurer's most recent annual statement; or(2) the most recent annual statements of the insurers that are members of the insurance group of which the insurer is a member; the insurer must meet the requirements of this chapter not later than one (1) year after the date on which the premium change occurs.
Amended by P.L. 124-2018,SEC. 45, eff. 7/1/2018.Added by P.L. 129-2014, SEC. 8, eff. 7/1/2014.