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2014 SESSION

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SB 88 Risk management by insurance companies; Own Risk and Solvency Assessments.

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 of 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 ORSA requirements will also apply to mutual insurance holding companies, subsidiaries of insurance companies, producer-controlled property and casualty insurers, and health maintenance organizations. The measure has a delayed effective date of January 1, 2015.


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