The nonlinear dynamics of a balanced parity-time-symmetric optical microring arrangement are analytically investigated. By considering gain and loss saturation effects, the pertinent conservation laws are explicitly obtained in the Stokes domain, thus establishing integrability. Our analysis indicates the existence of two regimes of oscillatory dynamics and frequency locking, both of which are analogous to those expected in linear parity-time-symmetric systems. Unlike other saturable parity-time-symmetric systems considered before, the model studied in this work first operates in the symmetric regime and then enters the broken parity-time phase.