(a) An insurer is exempt from the requirements of this chapter if

(1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $500,000,000; and

(2) the insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $1,000,000,000.

(b) If an insurer qualifies for an exemption under (a)(1) of this section, but the insurance group of which the insurer is a member does not qualify for an exemption under (a)(2) of this section, then the own risk and solvency assessment summary report required under AS 21.23.030 must include every insurer in the insurance group. This requirement may be satisfied by the submission of more than one own risk and solvency assessment summary report for a combination of insurers provided the combination of reports includes every insurer within the insurance group.

(c) If an insurer does not qualify for exemption under (a)(1) of this section, but the insurance group of which the insurer is a member qualifies for exemption under (a)(2) of this section, then the only own risk and solvency assessment summary report that may be required under AS 21.23.030 is the report applicable to that insurer.

(d) An insurer that does not qualify for exemption under (a) of this section may apply to the director for a waiver from the requirements of this chapter based on unique circumstances. In deciding whether to grant a request for a waiver, the director may consider the type and volume of business written, ownership and organizational structure, and any other factor that the director 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 one state, the director shall coordinate with the lead state regulator and with the other domiciliary regulators in considering whether to grant the insurer's request for a waiver.

(e) Notwithstanding the exemptions stated in this section, the director may require that an insurer maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary report

(1) based on unique circumstances, including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests;

(2) if the insurer has risk based capital for company action level event as set out in AS 21.14, meets one or more of the standards of an insurer considered to be impaired or in imminent danger of becoming impaired as defined in AS 21.97.900 and in regulations adopted by the director, or otherwise exhibits qualities of a troubled insurer as determined by the director.

(f) If an insurer that qualified for an exemption under (a) of this section no longer qualifies for that exemption because of changes in 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 within one year after the year the threshold in (a) of this section is exceeded.