§ 22:691.35 — ORSA summary report

Louisiana § 22:691.35

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§691.35. ORSA summary report
A. 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, the insurance group of which it is a member, or both. 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 Subsection 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 National Association of Insurance Commissioners.
B. The report shall include a signature and an attestation based on the knowledge,
information, and belief of the insurer or insurance group's chief risk officer or other executive
having responsibility for the oversight of the insurer's enterprise risk management process
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 such board.
C. An insurer may comply with Subsection A 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 it 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 such report
in a language other than English must be accompanied by a translation of that report into the
English language.

Legislative History

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