(1) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from § 56-1-914; provided, that: The commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(2) The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by the commissioner and promulgated by regulation.
(3) For any company granted an exemption under this section, §§ 56-1-903 — 56-1-913 shall be applicable. With respect to any company applying this exemption, any reference to § 56-1-914 found in §§ 56-1-903 — 56-1-913 shall not be applicable.