The director may exempt from the application of this article:
(1) a domestic property and casualty insurer that:
(a) writes direct business only in this State;
(b) writes direct annual written premiums of two million dollars or less; and
(c) assumes no reinsurance in excess of five percent of its direct written premium; and
(2) a domestic health organization that:
(a) writes direct business only in this State;
(b) assumes no reinsurance in excess of five percent of direct premium written; and
(c) writes direct annual premiums of one million dollars or less.
HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 12, eff January 1, 2015.
Effect of Amendment
2014 Act No. 164, Section 12, rewrote the section.