§ 26.1-10.2-04 — Own risk and solvency assessment summary report

North Dakota § 26.1-10.2-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-10.2: Own Risk and Solvency Assessments

Text

1. Upon the commissioner's request, and no more than once each year, an insurer shall
submit to the commissioner an own risk and solvency assessment summary report or
any combination of reports that together contain the information described in the own
risk and solvency assessment 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 reports 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.
2. The report must include a signature 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 attesting to the best of the individual's belief and knowledge that
the insurer applies the enterprise risk management process described in the own risk

and solvency assessment 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.
3. An insurer may comply with subsection 1 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 own risk and solvency assessment
guidance manual. Any report in a language other than English must be accompanied
by a translation of that report into the English language.