(a) (1) The Insurance Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of §§ 23-84-115 -- 23-84-117 if:

(A) The commissioner has issued a written exemption to the company and has not subsequently revoked the exemption in writing; and

(B) The company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner.

(2) If a company is granted an exemption under subdivision (a)(1) of this section:

(A) Sections 23-84-103 -- 23-84-114 apply to the company; and

(B) Any reference to § 23-84-115 found in §§ 23-84-103 -- 23-84-112 and 23-84-114 do not apply to the company.

(b) (1) A company that has less than three hundred million dollars ($300,000,000) of ordinary life premiums, that is licensed and doing business in this state, and that is subject to the requirements of §§ 23-84-115 -- 23-84-118 may hold reserves based on the mortality tables and interest rates defined by the valuation manual for net premium reserves using the methodology defined in §§ 23-84-106 and 23-84-108 -- 23-84-111 as applicable to ordinary life insurance in lieu of the reserves required by §§ 23-84-115 -- 23-84-118, if:

(A) In the event the company is a member of a group of life insurers, the group has combined ordinary life premiums of less than six hundred million dollars ($600,000,000);

(B)

(i) The company reported total adjusted capital of at least four hundred fifty percent (450%) of authorized control level risk-based capital in the most recent risk-based capital report.

(ii) Upon written request from a company that does not satisfy subdivision (b)(1)(B)(i) of this section, the commissioner may exempt the company from subdivision (b)(1)(B)(i) of this section;

(C) The appointed actuary has provided an unqualified opinion on the reserves in accordance with § 23-84-112; and

(D) The company has provided a certification by a qualified actuary that any universal life policy with a secondary guarantee issued or assumed by the company after the operative date of the valuation manual meets the definition of a nonmaterial secondary guarantee universal life product as defined in the valuation manual.

(2) For purposes of subdivision (b)(1) of this section, ordinary life premiums are measured as direct premium plus reinsurance assumed from an unaffiliated company, as reported in the prior calendar year annual statement.

(3)

(A) On or before July 1 each year, a domestic company that meets all of the conditions required by this subsection may file a statement with the commissioner certifying that the conditions are met for the current calendar year based on premiums and other values from the financial statements of the prior calendar year.

(B) The commissioner may reject the statement on or before September 1 of the same calendar year and require the domestic company to comply with the valuation manual requirements for life insurance reserves.