44-9004. Terms, defined.

245 words·~1 min read·/ne/chapter-44/44-9004

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

For purposes of the Risk Management and Own Risk and Solvency Assessment Act:

(1)Director means the Director of Insurance;

(2)Insurance group means those insurers and affiliates included within an insurance holding company system as defined in section 44-2121 ;

(3)Insurer has the same meaning as in section 44-103 , except that it 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;

(4)Own risk and solvency assessment means 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's or insurance group's current business plan and the sufficiency of capital resources to support those risks;

(5)Own risk and solvency assessment guidance manual means the own risk and solvency assessment guidance manual prescribed by the director which conforms substantially to the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners. A change in the own risk and solvency assessment guidance manual shall be effective on the January 1 following the calendar year in which the change has been adopted by the director; and

(6)Own risk and solvency assessment summary report means a confidential, high-level summary of an insurer's or insurance group's own risk and solvency assessment.