§ 27-77-5. 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 and/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(s) required by this subsection if the commissioner
is the lead state commissioner of the insurance group as determined by the procedures
within the
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§ 27-77-5. 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 and/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(s) 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(s) shall 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 his or her belief and
knowledge 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 thereof.
(c) An insurer may comply with subsection (a) by providing the most recent and substantially
similar report(s) 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. Any such report
in a language other than English must be accompanied by a translation of that report
into the English language.