60D.50 PURPOSE AND SCOPE. (a) The purpose of sections 60D.50 to 60D.58 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. (b) Sections 60D.50 to 60D.58 apply to all insurers […]
60D.51 DEFINITIONS. Subdivision 1. Scope. For purposes of sections 60D.50 to 60D.58, the terms in this section have the meanings given them. Subd. 2. Insurance group. For the purpose of conducting an ORSA, “insurance group” means those insurers and affiliates included within an insurance holding company system as defined in section 60D.15, subdivision 5. Subd. […]
60D.52 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 […]
60D.53 ORSA REQUIREMENT. Subject to section 60D.55, 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 must be conducted no less than annually but also at any time when there are significant changes to […]
60D.54 ORSA SUMMARY REPORT. Subdivision 1. Required submission. Upon the commissioner’s request and no more than once per 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 […]
60D.55 EXEMPTION. Subdivision 1. Annual premium levels. An insurer is exempt from the requirements of sections 60D.50 to 60D.58 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 $500,000,000; and […]
60D.56 CONTENTS OF ORSA SUMMARY REPORT. Subdivision 1. Preparation and documentation. The ORSA Summary Report shall be prepared by the insurer consistent with the ORSA Guidance Manual, subject to the requirements of subdivision 2. Documentation and supporting information shall be maintained by the insurer and made available upon examination or upon request of the commissioner. […]
60D.57 CONFIDENTIALITY. Subdivision 1. Classification protection and use of information by commissioner. 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 commissioner or any other person under sections 60D.50 to 60D.58 are recognized by this […]
60D.58 SANCTIONS. An insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 60D.50 to 60D.58 shall pay a penalty of $1,000 for each day’s delay to be recovered by the commissioner and to be paid into the general fund. The commissioner may reduce the penalty if the insurer […]
