ARTICLE 10.6. Own Risk and Solvency Assessment [935.1. - 935.11.]

Article 10.6 added by Stats. 2013, Ch. 238, Sec. 1.

§§ 935.1–935.11 · 11 sections

• § 935.1 (a) The purpose of this article is to provide the requirements for maintaining a risk management framework, completing an Own Risk and Solvency Assessment…
• § 935.2 For purposes of this article, the following definitions apply: (a) For the purpose of conducting an ORSA, the term “insurance group” shall mean those insurers…
• § 935.3 An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material…
• § 935.4 Subject to Section 935.6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process…
• § 935.5 (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…
• § 935.6 (a) An insurer shall be exempt from the requirements of this article if both of the following apply: (1) The insurer has annual direct written and unaffiliated…
• § 935.7 (a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of this section. Documentation and…
• § 935.8 (a) Documents, materials, or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are…
• § 935.9 Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this article shall be subject to the late filing fees set forth…
• § 935.10 If any provision of this article, or the application thereof to any person or circumstance, is held invalid, that determination shall not affect the provisions…
• § 935.11 This article shall become operative on January 1, 2015.