375.1028. Applicability--exemptions.
Applicability--exemptions.
375.1028. 1. Sections 375.1025 to 375.1062 shall apply to allinsurers as defined by section 375.1025. Insurers having direct premiumswritten in this state of less than one million dollars in any calendar yearand less than one thousand policyholders or certificate holders of directwritten policies nationwide at the end of the calendar year shall be exemptfrom sections 375.1025 to 375.1062, unless the director makes a specificfinding that compliance is necessary for the director to carry outstatutory responsibilities; except that, insurers having assumed premiumsunder contracts or treaties of reinsurance of one million dollars or moreshall not be so exempt.
2. Foreign or alien insurers filing audited financial reports inanother state, pursuant to such other state's requirement for filing ofaudited financial reports which have been found by the director to besubstantially similar to the requirements herein, are exempt from sections375.1030 to 375.1050 if:
(1) A copy of the audited financial report, communication of internalcontrol-related matters noted in an audit, and the accountant's letter ofqualifications that are filed with such other state are filed with thedirector in accordance with the filing dates specified in sections375.1030, 375.1047, and 375.1040, respectively. Canadian insurers maysubmit accountant's reports as filed with the Office of the Superintendentof Financial Institutions, Canada; and
(2) A copy of any notification of adverse financial condition reportfiled with such other state is filed with the director within the timespecified in section 375.1045.
3. Foreign or alien insurers required to file management's report ofinternal control over financial reporting in another state are exempt fromfiling such report in this state, provided such other state hassubstantially similar reporting requirements and such report is filed withsuch other state's chief insurance regulatory official within the timespecified.
4. Sections 375.1025 to 375.1062 shall not prohibit, preclude or inany way limit the director from ordering, conducting, or performingexaminations of insurers under any other applicable law.
(L. 1991 H.B. 385, et al. § 3, A.L. 1992 H.B. 1574, A.L. 2009 H.B. 577)