{"data":{"id":"us-ky/krs-304.3-625","jurisdiction":"us-ky","citation":"KRS 304.3-625","heading":"Exemption from requirements of KRS 304.3 -600 to 304.3 -635 and","body":"304.99-055 -- Conditions.\n(1) An insurer shall be exempt from the requirements of KRS 304.3 -600 to 304.3 -635\nand 304.99-055 if:\n(a) The insurer has annual direct written and unaffiliate d assumed premium in an\namount less than five hundred million dollars ($500,000,000), including\ninternational direct and assumed premium, but excluding premiums reinsured\nwith the Federal Crop Insurance Corporation or the Federal Flood Program;\nand\n(b) The insurance group of which the insurer is a member has annual direct\nwritten and unaffiliated assumed premium in an amount less than one billion\ndollars ($1,000,000,000), including international direct and assumed\npremium, but excluding premiums reinsured w ith the Federal Crop Insurance\nCorporation or the Federal Flood Program.\n(2) If an insurer qualifies for exemption pursuant to subsection (1)(a) of this section,\nbut the insurance group of which the insurer is a member does not qualify for the\nexemption pursuant to subsection (1)(b) of this section, the ORSA Summary Report\nthat may be required pursuant to KRS 304.3 -620 shall include every insurer within\nthe insurance group. This requirement may be satisfied by the submission of more\nthan one (1) ORSA Summar y Report for any combination of insurers, provided any\ncombination of reports includes every insurer within the insurance group.\n(3) If an insurer does not qualify for exemption pursuant to subsection (1)(a) of this\nsection, but the insurance group of whic h it is a member qualifies for exemption\npursuant to subsection (1)(b) of this section, the only ORSA Summary Report that\nmay be required pursuant to KRS 304.3 -620 shall be the report applicable to the\ninsurer that does not qualify for the exemption.\n(4) An insurer that does not qualify for exemption pursuant to subsection (1) of this\nsection may apply to the commissioner for a waiver from the requirements of KRS\n304.3-600 to 304.3 -635 and 304.99 -055, based upon unique circumstances. In\ndeciding whether to grant the insurer's request for waiver, the commissioner may\nconsider the type and volume of business written, ownership and organizational\nstructure of the insurer, and any other factor the commissioner considers relevant to\nthe insurer or insurance group of which the insurer is a member. If the insurer is part\nof an insurance group, with insurers domiciled in more than one (1) state, the\ncommissioner shall coordinate with the lead state commissioner and with the other\ndomiciliary commissioners in consider ing whether to grant the insurer's request for\na waiver.\n(5) Notwithstanding the exemptions stated in this section:\n(a) The commissioner may require that an insurer maintain a risk management\nframework, conduct an ORSA, and file an ORSA Summary Report base d on\nunique circumstances, including but not limited to the type and volume of\nbusiness written, ownership and organizational structure, federal agency\nrequests, and international supervisor requests; and\n(b) The commissioner may require that an insurer ma intain a risk management\nframework, conduct an ORSA, and file an ORSA Summary Report if the\ninsurer:\n1. Has risk-based capital for a company action level event as set forth in\nKRS 304.3 -120, 304.3 -190, and 304.38 -070, and any applicable\nadministrative regulations;\n2. Meets one (1) or more of the standards of an insurer deemed to be in\nhazardous financial condition as described in KRS 304.2 -065 and any\napplicable administrative regulations; or\n3. Otherwise exhibits qualities of a troubled insurer as determin ed by the\ncommissioner.\n(6) If an insurer that qualifies for an exemption pursuant to subsection (1) of this\nsection then subsequently does not qualify for that exemption due to changes in\npremium as reflected in the insurer's most recent annual statement or in the most\nrecent annual  statements of the insurers within the insurance group of which the\ninsurer is a member, the insurer shall have one (1) year, following the year the\nthreshold is exceeded, to comply with the requirements of KRS 304.3 -600 to 304.3-\n635 and 304.99-055.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43953","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"48920558210164cae3d01ec938adfe69ae09530ac42aa4e4ba9947495502adac","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.3-620","next":"us-ky/krs-304.3-630"},"notice":"GroundRules: Original legal text. Not legal advice."}