§ 22:691.32 — Definitions

Louisiana § 22:691.32

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§691.32. Definitions
For purposes of this Subpart:
(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 R.S.
22:691.2(5).
(2) "Insurer" means an insurer as defined in R.S. 22:46 except that it shall not
include agencies, authorities, or instrumentalities of the United States, its possessions and
territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political
subdivision of a state.
(3) "NAIC" means the National Association of Insurance Commissioners.
(4) "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.
(5) "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 shall become effective
on January first following the calendar year in which the changes are adopted by the NAIC.
(6) "ORSA summary report" means a confidential high-level summary of an insurer's
or insurance group's ORSA.

Legislative History

Acts 2015, No. 196, §1, eff. Jan. 1, 2016.