§ 27-29A-2 — Definitions

Alabama § 27-29A-2

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 29A: Risk Management and Own Risk and Solvency Assessment

Text

For purposes of this chapter, the following definitions shall apply:
(1) INSURANCE GROUP. Those insurers and affiliates included within an insurance holding company system as defined in Chapter 29.
(2) INSURER. As set forth in Section 27-1-2, except that it 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.
(3) NAIC. The National Association of Insurance Commissioners and its affiliates and subsidiaries.
(4) 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 that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group’s current business plan, and the sufficiency of capital resources to support those risks.
(5) ORSA GUIDANCE MANUAL. The current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.
(6) ORSA SUMMARY REPORT. A confidential high level summary of an insurer or insurance group’s ORSA.

Legislative History

(Act 2016-386, §1.)