Section 230-RICR-20-45-7.18 - Exemptions and Effective DatesA. 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 §4235-1et 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.230 R.I. Code R. 230-RICR-20-45-7.18
Amended effective 8/11/2021