What is the threshold for the 'small company' exemption in terms of premiums and reserves?

What is the threshold for the 'small company' exemption in terms of premiums and reserves?

• A. < $1M total direct & assumed premiums written in the calendar year AND < $1M total direct & assumed loss & LAE reserves at year end
• B. < $2M total direct & assumed premiums written in the calendar year AND < $2M total direct & assumed loss & LAE reserves at year end
• C. < $1M total direct & assumed premiums written in the calendar year AND < $2M total direct & assumed loss & LAE reserves at year end
• D. < $1.5M total direct & assumed premiums written in the calendar year AND < $1.5M total direct & assumed loss & LAE reserves at year end

Answer: (A)