; (ii) that qualifies for the exception provided in subparagraph (D) of section 2(h)(7), or that would so qualify if the swap were required to be cleared; or (iii) that qualifies for an exception or exemption from the requirements of section 2(h)(1)(A) pursuant to any Commission rule, regulation, or order. (B) Preservation of variation margin exchange requirement applicable to certain insurance companies Notwithstanding subparagraph (A) of this paragraph, if an insurance company would be a financial entity for purposes of section 2(h) if the swaps described in section 2(h)(7)(A)(iv)(II)(bb) of the insurance company were not excluded from the de minimis calculation under section 2(h)(7)(A)(iv), then all swaps of the insurance company shall be subject to the variation margin requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) of this subsection. . 5. Modification of definition of major swap participant Section 1a(33)(A)(iii)(I) of the Commodity Exchange Act ( 7 U.S.C. 1a(33)(A)(iii)(I) ) is amended by inserting , or a non-financial entity that would be considered to be a financial entity for purposes of section 2(h) but for the application of the de minimis exclusion provided for in section 2(h)(7)(A)(iv), before that is highly .