40-6001. Risk management and own risk and solvency assessment act. (a) This act shall be known and may be cited as the risk management and own risk and solvency assessment act. (b) The risk management and own risk and solvency assessment act provides the requirements for maintaining a risk management framework and completing an own […]
40-6002. Same; definitions. As used in this act: (a) “Act” means the risk management and own risk and solvency assessment act. (b) “Commissioner” means the state commissioner of insurance. (c) “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in K.S.A. 40-3302, and amendments thereto. (d) “Insurer” has […]
40-6003. Same; risk management framework required. 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 […]
40-6004. Same; annual assessment required. Subject to K.S.A. 40-6006, and amendments thereto, 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 […]
40-6005. Same; reporting. (a) 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 the insurance group of which it is a […]
40-6006. Same; exemptions. (a) An insurer shall be exempt from the requirements of this act if: (1) The insurer has annual 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 $500,000,000; and (2) The insurance group of […]
40-6007. Same; confidentiality. (a) Documents, materials or other information, including the ORSA summary report, in the possession or control of the department of insurance that are obtained or created by or disclosed to the commissioner or any other person under this act, are recognized by this state as being proprietary and to contain trade secrets. […]
40-6008. Same; penalty. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this act shall be required, after notice and hearing, to pay a penalty for each day’s delay, to be recovered by the commissioner. The penalty so recovered shall be paid into the state general revenue fund. […]
40-6009. Same; severability. If any provision of this act, or the application thereof to any person or circumstance is held invalid, such determination shall not affect the provisions or applications of this act which can be given effect without the invalid provision or application, and to that end, the provisions of this act are severable. […]
40-6010. Same; filing first report. The first filing of the ORSA summary report shall be in 2017 pursuant to K.S.A. 40-6005, and amendments thereto, of this act. History: L. 2015, ch. 18, § 10; Jan. 1, 2017.
40-6011. Same; expiration of act. The provisions of this act shall expire on July 1, 2022, unless the legislature reviews and reenacts the provisions related to confidentiality in K.S.A. 40-6001 and 40-6007, and amendments thereto, pursuant to K.S.A. 45-229, and amendments thereto, prior to July 1, 2022. History: L. 2015, ch. 18, § 11; Jan. […]
