Section 27-78-2. – Definitions.
§ 27-78-2. Definitions. For purposes of this chapter: (1) “Certificate of insurance” means a document or instrument, regardless of how titled or described, that is prepared or issued by an insurer or insurance producer as evidence of property or casualty insurance coverage. The term does not include a policy of insurance, insurance binder, policy endorsement, […]
Section 27-76-8. – Use of claim experience resulting from catastrophic events.
§ 27-76-8. Use of claim experience resulting from catastrophic events. No insurer may refuse to insure, cancel, nonrenew or surcharge a policy or contract covering damages to personal lines residential property solely as a result of damages sustained in a catastrophic event. History of Section.P.L. 2012, ch. 64, § 3; P.L. 2012, ch. 83, § […]
Section 27-76-9. – Severability.
§ 27-76-9. Severability. If a court holds any section or portion of a section of this chapter or the applicability thereof to any person or circumstance invalid, the remainder of the chapter shall not be affected thereby. History of Section.P.L. 2012, ch. 64, § 2; P.L. 2012, ch. 83, § 2.
Section 27-77-1. – Purpose and scope.
§ 27-77-1. 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 […]
Section 27-77-2. – Definitions.
§ 27-77-2. Definitions. (a) “Commissioner” means the director of the department of business regulation or his or her designee. (b) “Insurance group.” For the purpose of conducting an ORSA, the term “insurance group” means those insurers and affiliates included within an insurance holding company system as defined in chapter 27-35. (c) “Insurer.” The term “insurer” […]
Section 27-77-3. – Risk management framework.
§ 27-77-3. 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 […]
Section 27-77-4. – ORSA requirement.
§ 27-77-4. ORSA requirement. Subject to § 27-77-6, 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 […]
Section 27-77-5. – ORSA summary report.
§ 27-77-5. ORSA summary report. (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/or the insurance group of which it […]
Section 27-77-6. – Exemption.
§ 27-77-6. Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if: (1) 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); and, […]
Section 27-77-7. – Contents of ORSA summary report.
§ 27-77-7. Contents of ORSA summary report. (a) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. (b) The review of the ORSA […]