§ 10-3-1501 — Purpose and scope - applicability - legislative declaration

Colorado § 10-3-1501

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1)
The purpose of this part 15 is to provide the requirements for maintaining a risk
management framework and completing an own risk and solvency assessment
(ORSA) and provide guidance and instructions for filing an ORSA summary report
with the commissioner.

(2) The requirements of this part 15 apply to all insurers domiciled in this
state unless exempt pursuant to section 10-3-1506.

(3) The general assembly finds and declares that the ORSA summary report
will contain confidential and sensitive information related to an insurer's or
insurance group's identification of risks material and relevant to the insurer or
insurance group filing the report. This information will include proprietary and trade
secret information that has the potential for harm and competitive disadvantage to
the insurer or insurance group if the information is made public. It is the intent of
the general assembly that the ORSA summary report be a confidential document
filed with the commissioner, be shared only as stated in this part 15 and to assist
the commissioner in the performance of his or her duties, and not be subject to
public disclosure.

Legislative History

Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, � 2, effective March 18.