§ 44-9007 — Own risk and solvency assessment summary report; submission; contents; similar report accepted; when

(1) Upon the
director's request, and no more than once each year, an insurer shall submit
to the director 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 the insurer is a member. Notwithstanding any
request from the director, if the insurer is a member of an insurance group,
the insurer shall submit the report required by this subsection if the director
is the lead state insurance commissioner of the insurance group.
(2) The report
shall include a signature of the insurer's 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 his
or her 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 thereof.
(3) An insurer may comply with subsection
(1) 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 the insurer is a member to the insurance 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 such report in a language other
than English must be accompanied by a translation of that report into the
English language.
(4) The first filing of the own risk and solvency assessment summary
report shall be in 2015.

Legislative History

Source: Laws 2014, LB700, § 7.