Arizona Laws 20-491. Definitions
In this article, unless the context other requires:
Terms Used In Arizona Laws 20-491
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. "Insurance group" means for the purposes of conducting an ORSA those insurers and affiliates that are included within an insurance holding company system as defined in section 20-481.
2. "Insurer":
(a) Means every person engaged in the business of making contracts of insurance.
(b) Does 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.
3. "ORSA guidance manual" means the own risk and solvency assessment guidance manual that is developed and adopted by the national association of insurance commissioners.
4. "ORSA summary report" means a confidential high-level ORSA summary of an insurer or insurance group.
5. "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, that is conducted by that insurer or insurance group of the material and relevant risks associated with the insurer’s or insurance group’s current business plan and the sufficiency of capital resources to support those risks.