§ 20-491.03 — Submission of ORSA summary report; requirements

Arizona § 20-491.03

• Jurisdiction: Arizona
• Title 20: Arizona Revised Statutes
• Ch. 2: TRANSACTION OF INSURANCE BUSINESS
• Art. 15: Risk Management and Solvency Assessment

Text

A. On the director's request, and not 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 or 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 set of reports required by this subsection if the director is the lead state director or commissioner of the insurance group as determined by the procedures within the financial analysis handbook adopted by the national association of insurance commissioners.

B. The report shall include a signature of the insurer 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 that person's 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 governing committee.

C. An insurer may comply with subsection A 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 or commissioner of another state or to a supervisor or regulator of a foreign jurisdiction if that report provides information that is comparable to the information described in the ORSA guidance manual. Any such report in a language other than English shall be accompanied by a translation of that report into the English language.