Current through Register Vol. 63, No. 9, September 1, 2024
(1) The following
authorized insurers are exempt from the requirements of OAR
836-011-0100 to
836-011-0230:
(a) An insurer having direct premiums written
in this state of less than $1,000,000 in any calendar year and having fewer
than 1,000 policyholders or certificate holders of directly written policies
nationwide at the end of the same calendar year is exempt from OAR
836-011-0100 to
836-011-0230 for the year unless
the Director determines with respect to the insurer that compliance is
necessary for the Director to carry out statutory responsibilities. The
exemption under this subsection does not apply to any insurer that has assumed
premiums pursuant to contracts or treaties of reinsurance, or both, of
$1,000,000 or more.
(b) A foreign
or alien insurer that has filed the audited financial report in another state
pursuant to the other State's requirement of audited financial reports, if the
Director determines that the other state's requirements are substantially
similar to the requirements of OAR
836-011-0100 to
836-011-0230 and if the foreign
or alien insurer does both of the following:
(A) Files with the Director a copy of the
Audited Financial Report, the Communication of Internal Control Related Matters
Noted in an Audit and the Accountant's Letter of Qualifications that are filed
with the other state, in accordance with the filing dates specified in OAR
836-011-0120,
836-011-0200, and
836-011-0210. In lieu of the
requirements of this paragraph, a Canadian insurer may file accountants'
reports as filed with the Office of the Superintendent of Financial
Institutions, Canada.
(B) Files
with the Director a copy of any Notification of Adverse Financial Condition
Report filed with the other state. The copy must be filed with the Director
within the time specified in OAR
836-011-0190.
(c) An insurer to whom the
Director has granted an exemption under section (2) of this rule, during the
period in which the exemption is effective.
(d) A foreign or alien insurer required to
file Management's Report of Internal Control over Financial Reporting in
another state is exempt from filing the Report in this state if the other state
has substantially similar reporting requirements and the Report is filed with
the insurance commissioner of the other state within the time
specified.
(2) Upon
written application of any insurer, the Director may grant an exemption from
compliance with one or more provisions of OAR
836-011-0100 to
836-011-0230 if the Director
finds upon review of the application that compliance would constitute a
financial or organizational hardship upon the insurer. An exemption may be
granted at any time and from time to time for a specified period or periods.
Not later than the 10th day after denial of an insurer's written request for an
exemption under this section, the insurer may request in writing a hearing on
its application for an exemption.
Stat. Auth.: ORS
731.244 &
731.488
Stats. Implemented: ORS
731.488
