§ 56-11-209. Failure to Timely File Orsa Summary Report — Penalty
Any insurer or health maintenance organization failing, without just cause, to timely file the ORSA Summary Report as required in this part shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be […]
§ 56-11-210. Severability
If any provision of this part, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this part which can be given effect without the invalid provision or application, and to that end the provisions of this part are severable.
§ 56-11-207. Report to Comply With Orsa Guidance Manual — Review of Report
The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b). 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 made using […]
§ 56-11-208. Confidentiality of Orsa-Related Documents — Permitted Sharing and Use
Documents, materials or other information, including the ORSA Summary Report, in the possession of or control of the department that are obtained by, created by or disclosed to the commissioner or any other person under this part, is recognized by this state as being proprietary and to contain trade secrets. All such documents, materials or […]
§ 56-11-118. Construction With Other Laws
To the extent that this part conflicts with or is inconsistent with any laws in this title, this part shall control.
§ 56-11-119. Severability
If any provision of this part or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this part which can be given effect without the invalid provisions or application, and for this purpose the provisions of this part are severable.
§ 56-11-201. Purpose of Part — Applicability — Confidentiality of Orsa Summary Report
The purpose of this part 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 part shall apply to all insurers domiciled in […]
§ 56-11-202. Part Definitions
“Health maintenance organization” means a health maintenance organization as defined at § 56-32-102. “Insurance group,” for the purpose of conducting an Own Risk and Solvency Assessment, means those insurers or health maintenance organizations and affiliates included within an insurance or health maintenance company holding company system as defined in part 1 of this chapter. “Insurer” […]
§ 56-11-203. Risk Management Framework Required
An insurer or health maintenance organization 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 or health maintenance organization is a member maintains a risk management framework applicable […]
§ 56-11-204. When Orsa to Be Conducted
Subject to § 56-11-206, an insurer or health maintenance organization, or the insurance group of which the insurer or health maintenance organization 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 […]