§ 10-3-1505 — ORSA summary report

(1) Upon the commissioner's request,
and no more than once each year, an insurer shall submit to the commissioner 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 it is a member or to both the insurer and insurance
group. Notwithstanding any request from the commissioner, if the insurer is a
member of an insurance group, the insurer shall submit the report required by this
section if the commissioner is the lead state commissioner of the insurance group
as determined by the procedures within the financial analysis handbook adopted by
the NAIC.

(2) The report shall include a signature of the insurer's 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 his or her
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 committee of
the board of directors.

(3) An insurer may comply with subsection (1) of this section by providing the
most recent and substantially similar report provided by the insurer or another
member of an insurance group of which the insurer is a member to the
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 report in a language other than
English must be accompanied by a translation of that report into the English
language.

Legislative History

Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, � 2, effective March 18.