Section 1: Definitions
523 words·~2 min read·
/ma/part-i/title-xxii/chapter-176v/1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Commissioner'', the commissioner of insurance.
''Insurance group'', for the purpose of conducting an own risk and solvency assessment, insurers and affiliates included within an insurance holding company system as defined in section 206 of chapter 175; health maintenance organizations and affiliates included within a health maintenance organization holding company system, as defined in section 1 of chapter 176G; public employer self-insurance groups and their affiliates organized pursuant to chapter 40M; workers compensation self-insurance groups and their affiliates organized pursuant to sections 25E to 25U, inclusive, of chapter 152; fraternal benefit societies and their affiliates organized pursuant to chapter 176; non-profit hospital service corporations and their affiliates organized pursuant to chapter 176A; medical service corporations and their affiliates organized pursuant to chapter 176B; dental service corporations and their affiliates organized pursuant to chapter 176E; optometric service corporations and their affiliates organized pursuant to chapter 176F; insured legal services plans and their affiliates organized pursuant to chapter 176H; and limited societies and their affiliates organized pursuant to chapter 176P.
''Insurer'', shall have the same meaning as in section 1 of chapter 175 and, as used in this chapter, shall also include public employer self-insurance groups organized pursuant to chapter 40M; workers compensation self-insurance groups organized pursuant to sections 25E to 25U, inclusive, of chapter 152; fraternal benefit societies organized pursuant to chapter 176; non-profit hospital service corporations organized pursuant to chapter 176A; medical service corporations organized pursuant to chapter 176B; dental services corporations organized pursuant to chapter 176E; optometric service corporations organized pursuant to chapter 176F; health maintenance organizations organized pursuant to chapter 176G; insured legal services plans organized pursuant to chapter 176H; and limited societies organized pursuant to chapter 176P; except that ''insurer'' shall 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.
''NAIC'', the National Association of Insurance Commissioners.
''Own risk and solvency assessment'' or ''ORSA'', a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by the insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks.
''Own risk and solvency assessment guidance manual'' or ''ORSA guidance manual'', the current version of the own risk and solvency assessment guidance manual developed and adopted by the NAIC and as amended. A change in the ORSA guidance manual shall be effective on January 1, following the calendar year in which the changes are adopted by the NAIC.
''ORSA summary report'', a confidential high-level summary of an insurer or insurance group's ORSA.
''Supervisory college'', a forum for cooperation and communication between the regulators or supervisors of the insurer or insurance group, established to facilitate the effective supervision of entities that belong to an insurance group as a whole, on a group-wide basis and by improving supervision of the entities within the insurance group.