2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-620 Own Risk and Solvency Assessment Summary Report or combination of reports -- When required -- Contents -- Signature.
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304.3-620
Own Risk and Solvency Assessment Summary Report or
combination of reports -- When required -- Contents -- Signature.
(1)
(2)
(3)
(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 reports that together contain the information described
in the ORSA Guidance Manual applicable to the insurer or the insurance
group of which the insurer is a member.
(b) Notwithstanding any request from the commissioner, if the insurer is a
member of an insurance group, the insurer shall submit the report
required by paragraph (a) of this subsection if the commissioner is the
lead state commissioner of the insurance group, as determined by the
procedures within the Financial Analysis Handbook adopted by the NAIC.
The report shall include the signature of the insurer's or insurance group's chief
risk officer or other executive having responsibility for the oversight of the
insurer's enterprise risk management process, attesting to the best of his or her
belief and knowledge that the insurer applies the enterprise risk management
process described in the ORSA Summary Report and that a copy of the report
has been provided to the insurer's board of directors or the appropriate
committee thereof.
An insurer may comply with subsection (1) of this section by providing the most
recent and substantially similar report, provided by the insurer or another
member of an insurance group of which the insurer is a member, to the
commissioner of insurance of another state or to a supervisor or regulator of a
foreign jurisdiction, if the report provides information that is comparable to the
information described in the ORSA Guidance Manual. Any such report in a
language other than English shall be accompanied by a translation of the
report into the English language.
Effective:January 1, 2015
History: Created 2014 Ky. Acts ch. 119, sec. 5, effective January 1, 2015.
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