(a) The insurer has annual direct written and unaffiliated assumed premium of less than $500 million, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program; and
(b) The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium of less than $1 billion, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program.
(2) If an insurer is exempt under subsection (1)(a) of this section, but the insurance group of which the insurer is a member is not exempt under subsection (1)(b) of this section, the own risk and solvency assessment summary report required under ORS 732.662 must include every insurer within the insurance group. The insurer may satisfy this requirement by submitting more than one own risk and solvency assessment summary report for any combination of insurers, if the combination of reports includes every insurer within the insurance group.
(3) If an insurer is not exempt under subsection (1)(a) of this section but the insurance group of which the insurer is a member is exempt under subsection (1)(b) of this section, the only own risk and solvency assessment summary report required under ORS 732.662 is the report that applies to the insurer.
(4) An insurer that is not exempt under subsection (1) of this section may apply to the Director of the Department of Consumer and Business Services for a waiver from the requirements of ORS 732.650 to 732.689 based upon unique circumstances. In deciding whether to grant the insurer’s request for a waiver, the director may consider the type and volume of business the insurer writes, the insurer’s ownership and organizational structure and any other factor the director 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 that are domiciled in more than one state, the director shall coordinate with the lead state director and with the other domiciliary directors in considering whether to grant the insurer’s request for a waiver.
(5) Notwithstanding the exemptions stated in this section, the director may require an insurer to maintain a risk management framework, conduct an own risk and solvency assessment and file an own risk and solvency assessment summary report:
(a) Based on unique circumstances that include, but are not limited to, the type and volume of business the insurer writes, the insurer’s ownership and organizational structure, federal agency requests and international supervisor requests; or
(b) If the insurer has risk-based capital that falls into company action level, meets one or more of the standards the director established under ORS 731.385 to determine whether an insurer is in hazardous financial condition or otherwise exhibits qualities that the director determines are characteristic of a troubled insurer.
(6) If an insurer that was exempt under subsection (1) of this section subsequently no longer qualifies for an exemption because of changes in premium that are reflected in the insurer’s most recent annual statement or in the most recent annual statements of insurers within the insurance group of which the insurer is a member, the insurer has one year after the date on which the insurer is no longer exempt to comply with ORS 732.650 to 732.689. [2015 c.547 §7]
Note: See note under 732.650.