Risk Management and Own Risk and Solvency Assessment Act

SECTION 27-77-2

§ 27-77-2. Definitions.

(a) "Commissioner" means the director of the department of business regulation or his or her designee.

(b) "Insurance group". For the purpose of conducting an ORSA, the term "insurance group" means those insurers and affiliates included within an insurance holding company system as defined in chapter 27-35.

(c) "Insurer". The term "insurer" shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.

(d) "NAIC" means the National Association of Insurance Commissioners.

(e) "Own Risk and Solvency Assessment" or "ORSA". An "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.

(f) "ORSA Guidance Manual" means the current version of the "Own Risk and Solvency Assessment Guidance Manual" developed and adopted by the NAIC and as amended from time to time. A change in the ORSA guidance manual shall be effective on January 1 following the calendar year in which the changes have been adopted by the NAIC.

(g) "ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA.

History of Section.
(P.L. 2013, ch. 53, § 1; P.L. 2013, ch. 59, § 1.)