§ 23-69-401. Title

This subchapter shall be known and may be cited as the “Risk Management and Own Risk Assessment Act”.

§ 23-69-402. Findings and intent

(a) The General Assembly finds that: (1) The Insurance Commissioner requires an insurer or insurance group to submit confidential and privileged information to the State Insurance Department to allow the commissioner to evaluate the financial condition and stability of the insurer or insurance group to protect the public; (2) An insurer or insurance group may […]

§ 23-69-403. Definitions

As used in this subchapter: (1) “Insurance group” means an insurer and the insurer’s affiliates that are in an insurance holding company system, as defined in the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.; (2) “Insurer” means the same as defined in § 23-62-402, except “insurer” does not include an agency, authority, commission, […]

§ 23-69-404. Risk management framework

(a) An insurer shall establish and maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer’s material and relevant risks. (b) An insurer may satisfy subsection (a) of this section if the insurance group that the insurer is a member of maintains a risk management framework […]

§ 23-69-405. Own risk and solvency assessment — Requirements

Except as provided in § 23-69-407, an insurer or the insurance group that the insurer is a member of shall perform an own risk and solvency assessment: (1) According to the Own Risk and Solvency Assessment Guidance Manual or a comparable process; and (2) Annually, or at any time a significant change to the risk […]

§ 23-69-406. Own risk and solvency assessment summary

(a) (1) (A) Upon request, an insurer shall submit to the Insurance Commissioner no more than one (1) time a year beginning January 1, 2017, an own risk and solvency assessment summary report, or any combination of filings applicable to the insurer or the insurance group of which the insurer is a member, that together […]

§ 23-69-407. Exemption — Applicability

(a) An insurer is exempt from this subchapter if: (1) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than five hundred million dollars ($500,000,000); and (2) The insurance group of […]

§ 23-69-408. Own risk and solvency assessment summary report — Content

(a) (1) An own risk and solvency assessment summary report shall be prepared pursuant to the Own Risk and Solvency Assessment Guidance Manual, subject to the requirements of subsection (b) of this section. (2) An insurer shall maintain any documentation and supporting information used to prepare an own risk and solvency assessment summary report and […]

§ 23-69-409. Confidentiality

(a) Any documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession of or under the control of the State Insurance Department that are obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter is recognized as being proprietary and containing […]

§ 23-69-410. Sanctions

(a) An insurer failing without just cause to timely file the own risk and solvency assessment summary report under this subchapter 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 Insurance Commissioner, and the penalty so recovered shall be […]