(1) The provisions of RCW 48.05.430 through * 48.05.490 are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapter 48.31 RCW.

(2) The commissioner may exempt any domestic property and casualty insurer from RCW 48.05.430 through * 48.05.490, if the insurer:

(a) Writes direct business only in this state;

(b) Writes direct annual premiums of two million dollars or less; and

(c) Assumes no reinsurance in excess of five percent of direct premiums written.

*Reviser's note: RCW 48.05.490 was repealed by 2006 c 25 § 11.