§ 4 — ORSA summary report or similar report; contents; reports submitted to commissioner of another state or foreign jurisdiction

Massachusetts § 4

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 176V: OWN RISK AND SOLVENCY ASSESSMENT

Text

Section 4. (a) Upon the request of the commissioner, and no more than annually, 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. 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 NAIC.(b) The report required by subsection (a) shall include the attestation of the insurer or insurance group's chief risk officer or other executive with responsibility for the oversight of the insurer's enterprise risk management process that, to the best of their belief and knowledge, 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 to the appropriate committee thereof.(c) An insurer may comply with subsection (a) by providing the commissioner 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. A report in a language other than English shall be accompanied by a translation of that report into English.