Effective 5/9/2017 31A-16a-103. 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 […]
Effective 5/9/2017 31A-16a-104. Own risk and solvency assessment requirement. Subject to Section 31A-16a-106, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent with a process comparable to the ORSA guidance manual. The insurer or insurance group shall conduct the own risk […]
Effective 5/9/2017 31A-16a-105. ORSA summary report. (1) (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, the insurance group of which […]
Effective 5/9/2017 31A-16a-106. Exemption. (1) 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 […]
Effective 5/9/2017 31A-16a-107. Contents of ORSA summary report. (1) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of Subsection (2). Documentation supporting information shall be maintained and made available upon examination or upon request of the commissioner. (2) The review of the ORSA summary report, and […]
Effective 5/9/2017 31A-16a-108. Confidentiality. (1) (a) A document, material, or other information, including the ORSA summary report, in the possession of or control of the department that is 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 […]
Effective 5/9/2017 31A-16a-109. Sanctions. An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be paid into […]
Effective 5/9/2017 31A-16a-110. Severability clause. If a provision of this chapter, or the application of this chapter to any person or circumstance, is held invalid, the invalidation does not affect the provisions or applications of this chapter that can be given effect without the invalid provision or application, and to that end the provisions of […]
