§ 23-69-406 — Own risk and solvency assessment summary

(a) (1) (A) Upon request, an insurer shall submit to the Insurance Commissioner no more than one (1) time a year beginning January 1, 2017, an own risk and solvency assessment summary report, or any combination of filings applicable to the insurer or the insurance group of which the insurer is a member, that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual. (B) An insurer may submit a comparable report that provides the most recent and substantially similar information under subdivision (a)(1)(A) of this section to a commissioner in another state or to the supervisor or regulator of a foreign jurisdiction provided by the insurer or another member of an insurance group of which the insurer is a member. (2) Notwithstanding a request from the Insurance Commissioner, an insurer that is a member of an insurance group shall submit the reports required under subdivision (a)(1) of this section if the Insurance Commissioner is the lead state commissioner of the insurance group as determined by the procedures within the "Financial Analysis Handbook" adopted by the National Association of Insurance Commissioners. (b) A report described in subdivision (a)(1)(A) of this section shall include an attestation of the chief risk officer or other executive of the insurer or insurance group that is responsible for the oversight of the insurer's enterprise risk management process that to the best of his or her belief and knowledge: (1) The insurer applies the enterprise risk management process described in the insurer's own risk and solvency assessment summary report; and (2) A copy of the report has been provided to the insurer's board of directors or other governing body of the insurer. (c) A report under subdivision (a)(1) of this section shall be in English or translated to English before filing with the Insurance Commissioner.

Legislative History

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