Virginia Code 38.2-1334.4: Risk management framework.
Current as of: 2024 | Check for updates
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
Terms Used In Virginia Code 38.2-1334.4
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § Virginia Code 38.2-1334.3
- Insurer: means an insurance company as defined in § Virginia Code 38.2-1334.3
2014, c. 248.