Montana Code 33-2-1132. Definitions
33-2-1132. Definitions. For the purposes of 33-2-1130 through 33-2-1138, the following definitions apply:
Terms Used In Montana Code 33-2-1132
- Insurance holding company system: means two or more affiliated persons, one or more of which is an insurer. See Montana Code 33-2-1101
- Insurer: has the meaning provided in 33-1-201, except that the term 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. See Montana Code 33-2-1101
- NAIC: means the national association of insurance commissioners. See Montana Code 33-2-1101
(1)”Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in 33-2-1101.
(2)”NAIC” means the national association of insurance commissioners.
(3)”ORSA guidance manual” means the current version of the own risk and solvency assessment guidance manual developed and adopted by the NAIC as of April 30, 2015, or as subsequently adopted by rule by the commissioner. A change to the ORSA guidance manual is effective on January 1 following the calendar year in which the commissioner adopts the changed manual by rule.
(4)”ORSA summary report” means a confidential, high-level summary of an insurer‘s or insurance group’s ORSA.
(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, conducted by an insurer or insurance group, of the material and relevant risks associated with the insurer or the insurance group’s current business plan and of the sufficiency of the insurer’s or insurance group’s capital resources to support those risks.
(6)”Risk management framework” means a study of the elements used to assist an insurer or insurance group to identify, assess, monitor, manage, and report on material and relevant risk of the insurer or the insurance group.