A. The Insurance Rate Regulation Law applies to all kinds and lines of direct insurance written on risks or operations in this state by any authorized insurer, except:
(1) wet marine and transportation insurance, as defined in Section 59A-7-5 NMSA 1978 [repealed];
(2) life insurance;
(3) variable and fixed annuities; and
(4) health insurance.
B. For purposes of the Insurance Rate Regulation Law, "workers' compensation" insurance includes employer's liability insurance.
C. The superintendent may by order exempt any person or class of persons or any market segment from any or all of the provisions of the Insurance Rate Regulation Law to the extent that the superintendent finds the provision or provisions unnecessary to achieve the purposes of that law.