Section 27-29A-1 Purpose and scope. (a) 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 Commissioner of Insurance. (b) The requirements of this chapter shall apply […]
Section 27-29A-10 Operative date. The first filing of the ORSA Summary Report shall be in the year commencing on January 1, 2017, pursuant to Section 27-29A-5. (Act 2016-386, §1.)
Section 27-29A-2 Definitions. For purposes of this chapter, the following definitions shall apply: (1) INSURANCE GROUP. Those insurers and affiliates included within an insurance holding company system as defined in Chapter 29. (2) INSURER. As set forth in Section 27-1-2, except that it shall not include agencies, authorities, or instrumentalities of the United States, its […]
Section 27-29A-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 27-29A-4 ORSA requirement. Subject to Section 27-29A-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 27-29A-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 or the insurance group of which it […]
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if it meets both of the following: (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 […]
Section 27-29A-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). Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. (b) The review of the ORSA Summary Report, and […]
Section 27-29A-8 Confidentiality. (a) Documents, materials, or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are obtained by, created by, or disclosed to the commissioner or any other person under this chapter, are recognized by this state as being proprietary and to contain trade […]
Section 27-29A-9 Sanctions. (a) Any insurer failing, without just cause as determined by the commissioner, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and hearing as provided in Chapter 2, to pay a penalty of one hundred dollars ($100) for each day’s delay, not to exceed […]
