Section 2. 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 the insurer.
Section 3. Subject to section 5, 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 and at any time when there are significant changes to the risk profile of the […]
Section 4. (a) Upon the request of the commissioner, and no more than annually, 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 is a member. […]
Section 5. (a) An insurer shall be exempt form the requirements of this chapter, if: (i) the insurer has an annual direct written and unaffiliated assumed premium, including an international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, that is less than $500,000,000; and […]
Section 6. (a) An ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of this chapter. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. (b) The review of an ORSA summary report and any additional requests for information […]
Section 7. (a) Documents, materials or other information, including the ORSA summary report, in the possession or control of the commissioner that are obtained by, created by or disclosed to the commissioner or any other person pursuant to this chapter, shall be proprietary and recognized to contain trade secrets. Such documents, materials or other information […]
Section 8. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 for each day the report is delayed, to be recovered by the commissioner. The maximum penalty pursuant to this section shall be […]
Section 9. The commissioner may, pursuant to chapter 30A, upon notice and opportunity for all interested parties to be heard, promulgate such rules, regulations and orders as shall be necessary to carry out this chapter.
