(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.