Revisor Home

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 382

Effective - 01 Jan 2016, see footnote bottom

  382.520.  ORSA summary report required, when, contents. — 1.  Upon the director's request and no more than once each year, an insurer shall submit to the director 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 to the insurance group of which the insurer is a member.  Notwithstanding any request from the director, if the insurer is a member of an insurance group, the insurer shall submit the report or reports required under this subsection if the director is the lead state regulator of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.

  2.  The report or reports shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.

  3.  An insurer may comply with subsection 1 of this section by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the director of another state or to a supervisor or regulator of a foreign jurisdiction if such report or reports provide information that is comparable to the information described in the ORSA guidance manual.  Any such report or reports in a language other than English shall be accompanied by a translation of such report or reports into the English language.

­­--------

(L. 2015 H.B. 50)

Effective 1-01-16


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

use this link to bookmark section  382.520


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@19:52:37.0 36 :)