Indiana Code 27-1-23.5-10. ORSA reports; requirements
(1) an ORSA summary report; or
Terms Used In Indiana Code 27-1-23.5-10
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
- ORSA summary report: means a confidential, high level summary of an insurer or insurance group's ORSA. See Indiana Code 27-1-23.5-7
- Oversight: Committee review of the activities of a Federal agency or program.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
applicable to the insurer or insurance group of which the insurer is a member.
(b) Regardless of a request from the commissioner, if the commissioner is the lead state commissioner of an insurance group of which an insurer is a member (as determined by the procedures in the Financial Analysis Handbook), the insurer shall submit a report described in subsection (a) at least one (1) time per year.
(c) A report required by this section must include a signature of the insurer’s or insurance group’s chief risk officer, or another executive who has responsibility for the oversight of the insurer’s enterprise risk management process, attesting that:
(1) to the best of the officer’s or executive’s belief and knowledge the insurer applies the enterprise risk management process described in the ORSA summary report; and
(2) a copy of the report has been provided to the insurer’s board of directors or the appropriate committee of the insurer’s board of directors.
(d) If an insurer or another member of an insurance group of which the insurer is a member submits to the commissioner the most recent report that:
(1) was provided to the:
(A) commissioner of another state; or
(B) regulatory authority of an alien jurisdiction;
(2) is substantially similar to an ORSA summary report; and
(3) contains information that is comparable to the information described in the ORSA Manual;
the insurer is considered to have satisfied the requirements of this section.
(e) If a report described in subsection (d) is completed in a language other than English, a translation of the report into the English language must be submitted with the report.
As added by P.L.129-2014, SEC.8. Amended by P.L.124-2018, SEC.44.