375.1028.  Applicability — exemptions. — 1.  Sections 375.1025 to 375.1062 shall apply to all insurers as defined by section 375.1025. Insurers having direct premiums written in this state of less than one million dollars in any calendar year and less than one thousand policyholders or certificate holders of direct written policies nationwide at the end of the calendar year shall be exempt from sections 375.1025 to 375.1062, unless the director makes a specific finding that compliance is necessary for the director to carry out statutory responsibilities; except that, insurers having assumed premiums under contracts or treaties of reinsurance of one million dollars or more shall not be so exempt.

  2.  Foreign or alien insurers filing audited financial reports in another state, pursuant to such other state's requirement for filing of audited financial reports which have been found by the director to be substantially similar to the requirements herein, are exempt from sections 375.1030 to 375.1050 if:

  (1)  A copy of the audited financial report, communication of internal control-related matters noted in an audit, and the accountant's letter of qualifications that are filed with such other state are filed with the director in accordance with the filing dates specified in sections 375.1030, 375.1047, and 375.1040, respectively.  Canadian insurers may submit accountant's reports as filed with the Office of the Superintendent of Financial Institutions, Canada; and

  (2)  A copy of any notification of adverse financial condition report filed with such other state is filed with the director within the time specified in section 375.1045.

  3.  Foreign or alien insurers required to file management's report of internal control over financial reporting in another state are exempt from filing such report in this state, provided such other state has substantially similar reporting requirements and such report is filed with such other state's chief insurance regulatory official within the time specified.

  4.  Sections 375.1025 to 375.1062 shall not prohibit, preclude or in any way limit the director from ordering, conducting, or performing examinations of insurers under any other applicable law.