§ 27-77-1. Purpose and scope.
The purpose of this chapter is to provide the requirements for maintaining a risk
management framework, and completing an own risk and solvency assessment (ORSA) and
provide guidance and instructions for filing an ORSA summary report with the insurance
commissioner of this state.
The requirements of this chapter shall apply to all insurers domiciled in this state
unless exempt pursuant to §â€‚27-77-6.
The general assembly finds and declares that the ORSA summary report will contain
confidential and sensitive information related to an insurer or insura
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§ 27-77-1. Purpose and scope.
The purpose of this chapter is to provide the requirements for maintaining a risk
management framework, and completing an own risk and solvency assessment (ORSA) and
provide guidance and instructions for filing an ORSA summary report with the insurance
commissioner of this state.
The requirements of this chapter shall apply to all insurers domiciled in this state
unless exempt pursuant to §â€‚27-77-6.
The general assembly finds and declares that the ORSA summary report will contain
confidential and sensitive information related to an insurer or insurance group's
identification of risks material and relevant to the insurer or insurance group filing
the report. This information will include proprietary and trade secret information
that has the potential for harm and competitive disadvantage to the insurer or insurance
group if the information is made public. It is the intent of this general assembly
that the ORSA summary report shall be a confidential document filed with the commissioner;
that the ORSA summary report will be shared only as stated herein and to assist the
commissioner in the performance of his or her duties; and that in no event shall the
ORSA summary report be subject to public disclosure.