§ 27-1-23.5-10 — ORSA reports; requirements

Indiana § 27-1-23.5-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 23.5: Risk Management and Own Risk and Solvency

Text

(a) Upon the request of the commissioner,
and not more than one (1) time per year, an insurer shall submit to the
commissioner:
(1) an ORSA summary report; or
(2) a combination of reports that together contain the information
described in the ORSA Manual;
applicable to the insurer or insurance group of which the insurer is a
member.
(b) Regardless of a request from the commissioner, if the
commissioner is the lead state commissioner of an insurance group of
which an insurer is a member (as determined by the procedures in the
Financial Analysis Handbook), the insurer shall submit a report
described in subsection (a) at least one (1) time per year.
(c) A report required by this section must include a signature of the
insurer's or insurance group's chief risk officer, or another executive
who has responsibility for the oversight of the insurer's enterprise risk
management process, attesting that:
(1) to the best of the officer's or executive's belief and knowledge
the insurer applies the enterprise risk management process
described in the ORSA summary report; and
(2) a copy of the report has been provided to the insurer's board
of directors or the appropriate committee of the insurer's board of
directors.
(d) If an insurer or another member of an insurance group of which
the insurer is a member submits to the commissioner the most recent
report that:
(1) was provided to the:
(A) commissioner of another state; or
(B) regulatory authority of an alien jurisdiction;
(2) is substantially similar to an ORSA summary report; and
(3) contains information that is comparable to the information
described in the ORSA Manual;
the insurer is considered to have satisfied the requirements of this
section.
(e) If a report described in subsection (d) is completed in a language
other than English, a translation of the report into the English language
must be submitted with the report.

Legislative History

As added by P.L.129-2014, SEC.8. Amended by P.L.124-2018, SEC.44.