§ 83-85-1. Title

This chapter shall be known and may be cited as the “Own Risk and Solvency Assessment Act.”

§ 83-85-11. ORSA Summary Report

Upon the commissioner’s request, and no more than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and/or the insurance group of which it is a member.Notwithstanding any request from […]

§ 83-85-13. Exemption

An insurer shall be exempt from the requirements of this chapter, if: The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than Five Hundred Million Dollars ($500,000,000.00); and The insurance group of which […]

§ 83-85-15. Contents of ORSA Summary Report

The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (2) of this section.Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. The review of the ORSA Summary Report, and any additional requests for information, shall be […]

§ 83-85-17. Confidentiality

Documents, materials or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are obtained by, created by or disclosed to the commissioner or any other person under this chapter, is recognized by this state as being proprietary and to contain trade secrets.All such documents, materials […]

§ 83-85-19. Sanctions

Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and hearing, to pay a penalty of One Hundred Dollars ($100.00) for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General […]

§ 83-85-21. Severability clause

If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are severable.

§ 83-85-3. Own Risk and Solvency Assessment (ORSA) purpose and scope

The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the insurance commissioner of this state. The requirements of this chapter shall apply to all insurers domiciled in […]

§ 83-85-5. Definitions

As used in this chapter, the following words shall have the meaning ascribed herein unless the context clearly requires otherwise: “Insurance group”means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in Section 83-6-1(d). “Insurer” shall have the same meaning as set forth in […]

§ 83-85-7. Risk management framework

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.

§ 83-85-9. ORSA requirement

Subject to Section 83-85-13, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual.The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of […]