(a) Every insurer is subject to the requirements of this chapter. Insurers having direct premiums written in this Territory of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of the calendar year are exempt from these requirements for the year, unless the Commissioner makes a specific finding that compliance is necessary for the Commissioner to carry out statutory responsibilities, but insurers having assumed premiums pursuant to contracts or treaties of reinsurance of $1,000,000 or more are not exempt from the requirements.
(b) The Commissioner shall suspend or revoke the certificate of authority of any insurer who fails to timely file its audited annual report unless an extension is requested and granted in accordance with section 622.