20-491. Definitions In this article, unless the context other requires: 1. " Insurance group" means for the purposes of conducting an ORSA those insurers and affiliates that are included within an insurance holding company system as defined in section 20-481. 2. " Insurer" : (a) Means every person engaged in the business of making contracts […]
20-491.01. 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 is satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of […]
20-491.02. ORSA requirement Subject to section 20-491.04, 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 annually but also at any time when there are significant changes to the risk profile […]
20-491.03. Submission of ORSA summary report; requirements A. On the director’s request, and not more than once each year, an insurer shall submit to the director an ORSA summary report, or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer or the insurance group of […]
20-491.04. Exemptions from article requirements; reports A. An insurer is exempt from the requirements of this article if both of the following apply: 1. The insurer has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding premium reinsured with the federal crop insurance corporation and federal flood program, less […]
20-491.05. ORSA summary report A. Subject to the requirements of subsection B of this section, the ORSA summary report shall be prepared consistent with the ORSA guidance manual. Documentation and supporting information shall be maintained and made available on examination or on the request of the director. B. The review of the ORSA summary report […]
20-491.06. Confidentiality of ORSA documents; allowable uses A. Documents, materials or other information, including the ORSA summary report, that is in the director’s possession or control and that is obtained by, created by or disclosed to the director or any other person under this article, is recognized by this state as being proprietary and containing […]
20-491.07. Civil penalties An insurer who fails to file without just cause the ORSA summary report required by this article after notice and a hearing shall pay a penalty of five hundred dollars for each day’s delay in filing, not to exceed one hundred thousand dollars. The director may reduce the penalty if the insurer […]
