(1) Specific product forms or product lines of a domestic insurer that is licensed in and does business only in this state are exempt from the requirements of section 15, chapter 547, Oregon Laws 2015, if:

(a) The Director of the Department of Consumer and Business Services issues the exemption to the insurer in writing and does not subsequently revoke the exemption in writing;

(b) The director identifies the specific product form or product line in the written exemption; and

(c) The insurer computes reserves using assumptions and methods the insurer used before the operative date of the valuation manual and otherwise complies with any requirements the director specifies by rule.

(2) ORS § 733.304, 733.306, 733.308, 733.310, 733.312, 733.314, 733.316, 733.318, 733.320, 733.322 and 733.331 and section 14, chapter 547, Oregon Laws 2015, apply to an insurer that has an exemption under this section. [2015 c.547 § 20]

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