Section 5. (a) An insurer shall be exempt form the requirements of this chapter, if: (i) the insurer has an annual direct written and unaffiliated assumed premium, including an international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, that is less than $500,000,000; and (ii) the insurance group of which the insurer is a member has an annual direct written and unaffiliated assumed premium, including an international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, that is less than $1,000,000,000.

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(b) If an insurer qualifies for exemption pursuant to clause (i) of subsection (a), but the insurance group of which the insurer is a member does not qualify for an exemption pursuant to clause (ii) of subsection (a), then any ORSA summary report required pursuant to section 4 shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than 1 ORSA summary report for any combination of insurers; provided, that the combination of reports includes every insurer within the insurance group.

(c) If an insurer does not qualify for an exemption pursuant to clause (i) of subsection (a), but the insurance group of which it is a member qualifies for an exemption pursuant to clause (ii) of subsection (a), then the only ORSA summary report required pursuant to section 4 shall be the report applicable to that insurer.

(d) An insurer that does not qualify for an exemption pursuant to subsection (a) may apply to the commissioner for a waiver from the requirements of this chapter based upon unique circumstances. In deciding whether to grant the insurer’s request for a waiver, the commissioner may consider the type and volume of business written, ownership and organizational structure and any other factor the commissioner 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 domiciled in more than 1 state, the commissioner shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer’s request for a waiver.

(e) Notwithstanding the exemptions in this section, the commissioner may require: (i) that an insurer maintains a risk management framework, conducts an ORSA and files an ORSA summary report based on unique circumstances including, but not limited to, the type and volume of business written, ownership and organizational structure, federal agency requests and international supervisor requests; or (ii) that an insurer maintains a risk management framework, conducts an ORSA and files an ORSA summary report if the insurer has risk-based capital for a company action level event as set forth through regulation, meets 1 or more of the standards of an insurer in hazardous financial condition pursuant to subsection (c) of section 3 of chapter 175J or otherwise exhibits qualities of a troubled insurer as determined by the commissioner.

(f) If an insurer that qualifies for an exemption pursuant to this section no longer qualifies for that exemption due to changes in the premium, as reflected in the insurer’s most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall comply with the requirements of this chapter not later than 1 year immediately following the calendar year during which the threshold is exceeded.