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2013 SESSION

• | print version

SB 1057 Own Risk and Solvency Assessments; insurers required to maintain risk management framework.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurers; Own Risk and Solvency Assessments. Requires insurance companies to maintain a risk management framework to assist with identifying, assessing, monitoring, managing, and reporting on material and relevant risks. As part of this requirement, each nonexempt insurer, or the insurance group to which it is a member, is required regularly to conduct an Own Risk and Solvency Assessment (ORSA). An ORSA is a confidential internal assessment, conducted by an insurer, of the material and relevant risks associated with the insurer's current business plan and the sufficiency of capital resources to support those risks. The measure is based on the ORSA Model Act developed by the National Association of Insurance Commissioners. The measure is effective January 1, 2015.

FULL TEXT

• 01/08/13  Senate: Prefiled and ordered printed; offered 01/09/13 13101057D  pdf | impact statement

HISTORY

• 01/08/13  Senate: Prefiled and ordered printed; offered 01/09/13 13101057D
• 01/08/13  Senate: Referred to Committee on Commerce and Labor
• 01/21/13  Senate: Stricken at request of Patron in Commerce and Labor (14-Y 0-N)