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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 382

Effective - 01 Jan 2016, see footnote bottom

  382.505.  Definitions. — As used in sections 382.500 to 382.550, the following terms shall mean:

  (1)  "Director", the director of the department of commerce and insurance;

  (2)  "Insurance group", those insurers and affiliates included within an insurance holding company system as defined in sections 382.010 to 382.300;

  (3)  "Insurer", the same meaning as such term is defined in section 382.010; except that, insurer shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;

  (4)  "NAIC", the National Association of Insurance Commissioners;

  (5)  "Own risk and solvency assessment" or "ORSA", a confidential internal assessment appropriate to the nature, scale, and complexity of an insurer or insurance group conducted by such insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan, and the sufficiency of capital resources to support such risks;

  (6)  "ORSA guidance manual", the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC), as amended.  A change in the ORSA guidance manual shall be effective on January first following the calendar year in which the changes have been adopted by the NAIC;

  (7)  "ORSA summary report", a confidential high-level summary of an insurer's or insurance group's own risk and solvency assessment.

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(L. 2015 H.B. 50)

Effective 1-01-16


---- end of effective   01 Jan 2016 ----

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