# Insurance (GIN)

## Title 32. Risk Management and Own Risk and Solvency Assessment Act

### Subtitle 1

#### Section 32-106

(a) A carrier is exempt from the requirements of this title if:

  (1) the  carrier has annual direct written and unaffiliated assumed premium less than $500,000,000, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program; and

  (2) the insurance group of which the  carrier is a member has annual direct written and unaffiliated assumed premium less than $1,000,000,000, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program.

(b)

  (1) If  a carrier qualifies for exemption under subsection (a)(1) of this section, but the insurance group of which the  carrier is a member does not qualify for exemption under subsection (a)(2) of this section, then the ORSA Summary Report that is required under Sec. 32-105 of this title shall include every  carrier within the insurance group.

  (2) The ORSA Summary Report  requirement under paragraph (1) of this subsection may be satisfied by submitting more than one ORSA Summary Report for any combination of  carriers if the combination of reports includes every  carrier within the insurance group.

(c) If  a carrier does not qualify for exemption under subsection (a)(1) of this section, but the insurance group of which it is a member qualifies for exemption under subsection (a)(2) of this section, then the only ORSA Summary Report required under Sec. 32-105 of this title is the report that applies to that  carrier.

(d)

  (1) A carrier that does not qualify for exemption under subsection (a) of this section may apply to the Commissioner for a waiver from the requirements of this title based on unique circumstances.

  (2) If the  carrier applying for a waiver is part of an insurance group with  carriers domiciled in more than one state, the Commissioner  shall contact the lead state commissioner and  other domiciliary commissioners in considering whether to grant the  carrier's request for a waiver.

  (3) In deciding whether to grant the  carrier's request for a waiver, the Commissioner may consider:

    (i) the type and volume of business written;

    (ii) ownership and organizational structure; and

    (iii) any other factor the Commissioner considers relevant to the  carrier or insurance group of which the  carrier is a member.

(e) Notwithstanding the exemptions provided for in this section, the Commissioner may require that  a carrier:

  (1) maintain a risk management framework, conduct an ORSA, and file an ORSA Summary Report 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) maintain a risk management framework, conduct an ORSA, and file an ORSA Summary Report if the  carrier:

    (i) has risk-based capital at a company action level event as set forth in Sec. 4-305 of this article;

    (ii) meets one or more of the standards of  a carrier deemed to be in financially hazardous condition as described in Sec. 9-102 of this article; or

    (iii) otherwise exhibits qualities of a troubled  carrier as determined by the Commissioner.

(f) If  a carrier that qualifies for an exemption under subsection (a) of this section subsequently no longer qualifies for that exemption due to changes in premium as reflected in the  carrier's most recent annual statement or in the most recent annual statements of the  carriers within the insurance group of which the  carrier is a member, the  carrier shall have 1 year following the year the threshold is exceeded to comply with this title.

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Md. Code Ann., Ins. (as displayed at mgaleg.maryland.gov, October 16, 2026)