Kentucky Statutes 304.3-620 – Own Risk and Solvency Assessment Summary Report or combination of reports — When required — Contents — Signature
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(1) (a) Upon the commissioner’s request, and no more than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual applicable to the insurer or the insurance group of which the insurer is a member.
(b) Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report required by paragraph (a) of this subsection if the commissioner is the lead state commissioner of the insurance group, as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.
(2) The report shall include the signature of the insurer’s or insurance group’s chief risk officer or other executive having responsibility for the oversight of the insurer’s enterprise risk management process, attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer’s board of directors or the appropriate committee thereof.
(3) An insurer may comply with subsection (1) of this section by providing the most recent and substantially similar report, provided by the insurer or another member of an insurance group of which the insurer is a member, to the commissioner of insurance of another state or to a supervisor or regulator of a foreign jurisdiction, if the report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English shall be accompanied by a translation of the report into the English language.
Effective: January 1, 2015
History: Created 2014 Ky. Acts ch. 119, sec. 5, effective January 1, 2015.
(b) Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report required by paragraph (a) of this subsection if the commissioner is the lead state commissioner of the insurance group, as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.
Terms Used In Kentucky Statutes 304.3-620
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) The report shall include the signature of the insurer’s or insurance group’s chief risk officer or other executive having responsibility for the oversight of the insurer’s enterprise risk management process, attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer’s board of directors or the appropriate committee thereof.
(3) An insurer may comply with subsection (1) of this section by providing the most recent and substantially similar report, provided by the insurer or another member of an insurance group of which the insurer is a member, to the commissioner of insurance of another state or to a supervisor or regulator of a foreign jurisdiction, if the report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English shall be accompanied by a translation of the report into the English language.
Effective: January 1, 2015
History: Created 2014 Ky. Acts ch. 119, sec. 5, effective January 1, 2015.