There is a newer version
of
this Section
2017 Maryland Code
Insurance
Title 32 - Risk Management and Own Risk and Solvency Assessment Act (Title Effective January 1, 2018.)
§ 32-101. Definitions. (Title effective January 1, 2018.)
Universal Citation: MD Ins Code § 32-101 (2017)
- (a) In general. -- In this title the following words have the meanings indicated.
- (b) Carrier. -- "Carrier" means:
- (1) an insurer;
- (2) a nonprofit health service plan;
- (3) a health maintenance organization; or
- (4) a dental plan organization.
- (c) Insurance group. -- "Insurance group" means, for the purpose of conducting an ORSA, those carriers and affiliates that are included within an insurance holding company system as defined in § 7-101 of this article.
- (d) NAIC. -- "NAIC" means the National Association of Insurance Commissioners.
- (e) Own Risk and Solvency Assessment; ORSA. -- "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of a carrier or insurance group, that the carrier or insurance group conducts, of the material and relevant risks associated with the carrier's or insurance group's current business plan and the sufficiency of capital resources to support those risks.
- (f) ORSA Guidance Manual. -- "ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners.
- (g) ORSA-related information. -- "ORSA-related information" means any document, material, or other information related to an ORSA, an ORSA Summary Report, or a risk management framework of a carrier or insurance group.
- (h) ORSA Summary Report. -- "ORSA Summary Report" means a confidential high-level summary of the ORSA of a carrier or insurance group.
- (i) Supervisory college. -- "Supervisory college" has the meaning stated in § 2-209.1 of this article.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
