(a) The director may exempt from the application of this chapter a domestic property and casualty insurer that
(1) writes direct business only in this state;
(2) writes direct annual premiums of $2,000,000 or less; and
(3) does not assume reinsurance in excess of five percent of direct premiums written.
(b) The director may exempt from the application of this chapter a domestic health organization that
(1) writes direct business only in this state;
(2) does not assume reinsurance in excess of five percent of direct premiums written and
(A) writes direct annual premiums for comprehensive medical care of $2,000,000 or less; or
(B) is a limited health service organization that covers less than 2,000 lives.