20-491. Definitions

188 words·~1 min read·/az/title-20/20-491

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this article, unless the context other requires:

1. "Insurance group" means for the purposes of conducting an ORSA those insurers and affiliates that are included within an insurance holding company system as defined in section 20-481.

2. "Insurer":

(a)Means every person engaged in the business of making contracts of insurance.

(b)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.

3. "ORSA guidance manual" means the own risk and solvency assessment guidance manual that is developed and adopted by the national association of insurance commissioners.

4. "ORSA summary report" means a confidential high-level ORSA summary of an insurer or insurance group.

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, that is conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks.