§ 23-69-403 — Definitions

As used in this subchapter: (1) "Insurance group" means an insurer and the insurer's affiliates that are in an insurance holding company system, as defined in the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.; (2) "Insurer" means the same as defined in § 23-62-402 , except "insurer" does not include an agency, authority, commission, or other instrumentality of the United States or any state or territory of the United States; (3) "Own risk and solvency assessment" means 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's or insurance group's current business plan and the sufficiency of capital resources to support those risks; (4) (A) "Own Risk and Solvency Assessment Guidance Manual" means the guidance manual developed and adopted by the National Association of Insurance Commissioners. (B) A revision made by the National Association of Insurance Commissioners to the Own Risk and Solvency Assessment Guidance Manual shall be implemented on January 1 following the calendar year that the revision is adopted by the National Association of Insurance Commissioners; and (5) "Own risk and solvency assessment summary report" means a confidential and proprietary summary of an insurer's or insurance group's own risk and solvency assessment.

Legislative History

Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.