Colorado § 10-3-1502 Definitions

Colorado Statutes

§ 10-3-1502 — Definitions

Colorado·Title 10 Insurance·Art. Regulation of Insurance Companies

As used in this part 15, unless the context otherwise requires:

(1)Insurance group means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section 10-3-801 (5).

(2)Insurer has the same meaning as set forth in section 10-3-801 (6) and includes any political subdivision of the state created pursuant to article 45 of title 8, C.R.S.

(3)NAIC or National Association of Insurance Commissioners means the organization of insurance regulators from the fifty states, the District of Columbia, and the five United States territories.

(4)ORSA guidance manual means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to ti

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As used in this part 15, unless the context otherwise
requires:

(1) Insurance group means, for the purpose of conducting an ORSA, those
insurers and affiliates included within an insurance holding company system as
defined in section 10-3-801 (5).

(2) Insurer has the same meaning as set forth in section 10-3-801 (6) and
includes any political subdivision of the state created pursuant to article 45 of title
8, C.R.S.

(3) NAIC or National Association of Insurance Commissioners means the
organization of insurance regulators from the fifty states, the District of Columbia,
and the five United States territories.

(4) ORSA guidance manual means 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 is effective on
the January 1 following the calendar year in which the change is adopted by the
NAIC.

(5) ORSA summary report means a confidential, high-level summary of an
insurer's or insurance group's ORSA.

(6) Own risk and solvency assessment or ORSA 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.

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Legislative History

Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, � 2, effective March 18. L. 2023: (3) amended, (HB 23-1301), ch. 303, p. 1817, � 8, effective August 7.