2020 Alaska Statutes
Title 21. Insurance
Chapter 23. Risk Management; Own Risk and Solvency Assessment
Sec. 21.23.090. Definitions.

In this chapter,

(1) “insurance group” means those insurers and affiliates included in an insurance holding company system as defined in AS 21.22.200;

(2) “insurer” has the meaning given in AS 21.97.900, except that it does not include agencies, authorities, or instrumentalities of the United States or a possession or territory of the United States, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;

(3) “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 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;

(4) “own risk and solvency assessment guidance manual” means the Own Risk and Solvency Assessment Guidance Manual developed and most recently adopted by the National Association of Insurance Commissioners;

(5) “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;

(6) “risk management framework” means a set of internal policies or procedures that address an insurer's or insurance group's risk culture and governance, risk identification and prioritization, risk appetite, tolerance and limits, risk management controls, and risk reporting and communication as described in and most recently adopted by the own risk and solvency assessment guidance manual.