§ 26-51-105 — ORSA summary report

Wyoming § 26-51-105

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 51: OWN RISK SOLVENCY

Text

(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 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 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 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) 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 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 report in a language other than English shall be
accompanied by a translation of that report into the English
language.