401-C:1 Purpose and Scope. – I. The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the insurance commissioner of this state. II. The requirements of this chapter […]
401-C:10 Severability Clause. – If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provisions or applications, and to that end the provisions of this chapter […]
401-C:2 Definitions. – In this chapter: I. For the purpose of conducting an ORSA, " insurance group " means those insurers and affiliates included within an insurance holding company system as defined in RSA 401-B. II. " Insurer " shall have the same meaning as set forth in RSA 401-C:2, except that it shall […]
401-C: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 […]
401-C:4 ORSA Requirement. – Subject to RSA 401-C: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 […]
401-C:5 ORSA Summary Report. – I. 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 […]
401-C:6 Exemption. – I. An insurer shall be exempt from the requirements of this chapter, if: (a) 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 (b) The insurance […]
401-C:7 Contents of ORSA Summary Report. – I. The ORSA summary report shall be prepared consistent with the ORSA guidance manual subject to the requirements of paragraph II. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. II. The review of the ORSA summary report, […]
401-C:8 Confidentiality. – I. Documents, materials, or other information, including the ORSA summary report, in the possession of or control of the insurance department that are obtained by, created by or disclosed to the commissioner or any other person under this chapter, is recognized by this state as being proprietary and to contain trade […]
401-C:9 Sanctions. – 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 $2,500 for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the […]
