Section 41-6301 – PURPOSE AND SCOPE.
41-6301. PURPOSE AND SCOPE. (1) 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 director of the state department of insurance. (2) The requirements of this […]
Section 41-6302 – DEFINITIONS.
41-6302. DEFINITIONS. For purposes of this chapter: (1) "Department" means the state department of insurance. (2) "Director" means the director of the state department of insurance. (3) "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 41-3802, Idaho Code. […]
Section 41-6303 – RISK MANAGEMENT FRAMEWORK.
41-6303. 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 […]
Section 41-6304 – ORSA REQUIREMENT.
41-6304. ORSA REQUIREMENT. Subject to section 41-6306, Idaho Code, 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 […]
Section 41-6305 – ORSA SUMMARY REPORT.
41-6305. ORSA SUMMARY REPORT. (1) Upon the director’s request, and no 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 and/or the insurance group of which the insurer […]
Section 41-6306 – EXEMPTION.
41-6306. EXEMPTION. (1) An insurer shall be exempt from the requirements of this chapter if: (a) The insurer has an 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); and […]
Section 41-6307 – CONTENTS OF ORSA SUMMARY REPORT.
41-6307. CONTENTS OF ORSA SUMMARY REPORT. (1) 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 director. (2) The review of the ORSA summary […]
Section 41-6308 – CONFIDENTIALITY.
41-6308. CONFIDENTIALITY. (1) 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 director or any other person under this chapter are recognized by this state as being proprietary and to contain trade secrets. All such […]