2015 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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