Conditions under which director may require maintenance of risk management framework, conduct of ORSA, and filing of ORSA summary report

Notwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA 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; or (2) If the insurer has risk-based capital levels requiring company action, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, or otherwise exhibits qualities of a troubled insurer as determined by the director. Source: SL 2017, ch 210 , § 10.