Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 45 - Financial Standards and Corporate Operations › Part 7 - Annual Financial Reporting › Section 230-RICR-20-45-7.18 - Exemptions and Effective Dates

Current through June 14, 2024
A. Upon written
				  application of any insurer, the commissioner may grant an exemption from
				  compliance with any and all provisions of this Regulation if the commissioner
				  finds, upon review of the application, that compliance with this Regulation
				  would constitute a financial or organizational hardship upon the insurer. An
				  exemption may be granted at any time and from time to time for a specified
				  period or periods. Within ten (10) days from a denial of an insurer's written
				  request for an exemption from this Regulation, such insurer may request in
				  writing a hearing on its application for an exemption. Such hearing shall be
				  held in accordance with the Administrative Procedures Act, R.I. Gen. Laws
				  §
										4235-1
et seq
.
B. Domestic insurers retaining a Certified
				  Public Accountant on the effective date of this Regulation who qualify as
				  independent shall comply with this Regulation for the year ending December 31,
				  2010, and each year thereafter unless the Commissioner permits
				  otherwise.
C. Domestic insurers
				  must retain a Certified Public Accountant on the effective date of this
				  Regulation who qualifies as independent unless the commissioner permits
				  otherwise. All requests for an exemption from the requirement shall be made in
				  writing to the Department and the Commissioner shall have the authority to
				  grant and exemption for a period not to exceed twenty-four (24)
				  months.
D. Foreign insurers shall
				  comply with this Regulation for the year ending December 31, 2010 and each year
				  thereafter, unless the commissioner permits otherwise. All requests for an
				  exemption shall be made in writing to the Department and the Commissioner shall
				  have the authority to grant an exemption for a period not to exceed twenty-four
				  (24) months.
E. The requirements of
				  §§
										7.7(D) and (E)   of this Part shall be in effect for audits of the
				  year beginning January 1, 2010 and thereafter.
F. The requirements of §
										7.14   of this
				  Part are to be in effect January 1, 2010. An insurer or group of insurers that
				  is not required to have independent Audit Committee members or only a majority
				  of independent Audit Committee members (as opposed to a supermajority) because
				  the total written and assumed premium is below the threshold and subsequently
				  becomes subject to one (1) of the independence requirements due to changes in
				  premium shall have one (1) year following the year the threshold is exceeded
				  (but not earlier than January 1, 2010) to comply with the independence
				  requirements. Likewise, an insurer that becomes subject to one (1) of the
				  independence requirements as a result of a business combination shall have one
				  (1) calendar year following the date of acquisition or combination to comply
				  with the independence requirements.
G. The requirements of §
										7.17   of this
				  Part and other modified sections (§§
										7.1,  7.2,  7.3,  7.4,  7.7,  7.9,
				   7.11,  7.15,  7.17,  7.18, and  7.19), except for §
										7.14   of this Part covered
				  above, are effective beginning with the reporting period ending December 31,
				  2010 and each year thereafter. An insurer or group of insurers that is not
				  required to file a report because the total written premium is below the
				  threshold and subsequently becomes subject to the reporting requirements shall
				  have two (2) years following the year the threshold is exceeded (but not
				  earlier than December 31, 2010) to file a report. Likewise, an insurer acquired
				  in a business combination shall have two (2) calendar years following the date
				  of acquisition or combination to comply with the reporting
				  requirements.
H. The requirements
				  of §
										7.15   of this Part are to be in effect January 1, 2017. If an insurer
				  or group of insurers that is exempt from the §
										7.15   of this Part
				  requirements no longer qualifies for that exemption, it shall have one (1) year
				  after the year the threshold is exceeded to comply with the requirements of
				  this article.