Terms Used In Kansas Statutes > Chapter 40 > Article 60 - the Risk Management and Own Risk and Solvency Assessment Act

• Act: means the risk management and own risk and solvency assessment act. See Kansas Statutes 40-6002
• Commissioner: means the state commissioner of insurance. See Kansas Statutes 40-6002
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in Kan. See Kansas Statutes 40-6002
• Insurer: has the meaning ascribed to it in Kan. See Kansas Statutes 40-6002
• 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.
• NAIC: means the national association of insurance commissioners. See Kansas Statutes 40-6002
• ORSA: means 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 Kansas Statutes 40-6002
• ORSA guidance manual: means the current version of the own risk and solvency assessment guidance manual developed and adopted by the NAIC, as in effect on January 1, 2017. See Kansas Statutes 40-6002
• ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Kansas Statutes 40-6002
• Oversight: Committee review of the activities of a Federal agency or program.
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Subpoena: A command to a witness to appear and give testimony.
• Testify: Answer questions in court.