522.6 Exemption. 1. An insurer is exempt from the requirements of this chapter if both of the following apply: a. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with thefederal crop insurance corporation and the federal flood program, of less than five hundredmillion dollars. b. The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, butexcluding premiums reinsured with the federal crop insurance corporation and the federalflood program, of less than one billion dollars. 2. If an insurer qualifies for exemption from the requirements of this chapter pursuant to subsection 1, paragraph 'a', but the insurance group of which the insurer is a memberdoes not qualify for exemption pursuant to subsection 1, paragraph 'b', then the own riskand solvency assessment summary report that is required pursuant to section 522.5 shallinclude information concerning every insurer in the insurance group. bsection 1, paragraph 'b', then the own riskand solvency assessment summary report that is required pursuant to section 522.5 shallinclude information concerning every insurer in the insurance group. This requirement maybe satisfied by the submission of more than one summary report for any combination ofinsurers in the insurance group provided that the combination of reports submitted includesevery insurer in the insurance group. 3. If an insurer does not qualify for exemption pursuant to subsection 1, paragraph 'a', but the insurance group of which the insurer is a member qualifies for exemption pursuantto subsection 1, paragraph 'b', then the only own risk and solvency assessment summaryreport that is required pursuant to section 522.5 is the report applicable to that insurer. 4. An insurer that does not qualify for exemption pursuant to subsection 1 may apply to the commissioner for a waiver from the requirements of this chapter based uponunique circumstances. In deciding whether to grant the insurer’s request for a waiver,the commissioner may consider the type and volume of business written, ownership andorganizational structure, and any other factors the commissioner hether to grant the insurer’s request for a waiver,the commissioner may consider the type and volume of business written, ownership andorganizational structure, and any other factors the commissioner considers relevant to theinsurer or the insurance group of which the insurer is a member. If the insurer is partof an insurance group with insurers domiciled in more than one state, the commissionershall coordinate with the state commissioner that is the lead state commissioner of theinsurance group, as determined pursuant to section 522.5, and with the other domiciliarycommissioners in considering whether to grant the insurer’s request for a waiver. 5. Notwithstanding the exemptions provided in this section, the commissioner may do the following: a. Require that an insurer maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary reportbased on unique circumstances including but not limited to the type and volume of businesswritten, ownership and organizational structure, federal agency requests, and internationalsupervisor requests. b. on unique circumstances including but not limited to the type and volume of businesswritten, ownership and organizational structure, federal agency requests, and internationalsupervisor requests. b. Require that an insurer maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary report ifthe insurer has a risk-based capital level that is a company-action-level event as set forth insection 521E.3 for insurers and section 521F.4 for health organizations or that would causethe insurer to be in hazardous financial condition as set forth in 191 IAC ch. 110, or if theinsurer otherwise exhibits qualities of a troubled insurer as determined by the commissioner. 6. If an insurer that qualifies for an exemption pursuant to subsection 1 subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer’smost recent annual statement or in the most recent annual statements of the other insurersin the insurance group of which the insurer is a member, the insurer shall have one yearfollowing the year the threshold is exceeded to comply with the requirements of this chapter. the other insurersin the insurance group of which the insurer is a member, the insurer shall have one yearfollowing the year the threshold is exceeded to comply with the requirements of this chapter. 2013 Acts, ch 40, §6, 11; 2013 Acts, ch 140, §73; 2015 Acts, ch 29, §80Referred to in §522.4 Sat Dec 23 00:53:52 2023 Iowa Code 2024, Section 522.6 (20, 0)
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