Delaware Code Title 18 Sec. 8405 – ORSA requirement
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Subject to § 8407 of this title, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Terms Used In Delaware Code Title 18 Sec. 8405
- insurance group: shall mean those insurers and affiliates included within an insurance holding company system as defined in Chapter 50 of this title. See Delaware Code Title 18 Sec. 8403
- 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