Delaware Code Title 18 Sec. 8408 – Contents of ORSA summary report
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(a) The ORSA summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Insurance Commissioner.
Terms Used In Delaware Code Title 18 Sec. 8408
- ORSA: shall mean 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. See Delaware Code Title 18 Sec. 8403
- ORSA Guidance Manual: shall mean the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. See Delaware Code Title 18 Sec. 8403
- ORSA summary report: shall mean a confidential high-level summary of an insurer or insurance group's ORSA. See Delaware Code Title 18 Sec. 8403
(b) The review of the ORSA summary report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers and insurance groups.