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2017 Maryland Code
Insurance
Title 32 - Risk Management and Own Risk and Solvency Assessment Act (Title Effective January 1, 2018.)
§ 32-105. Summary report or reports.
Universal Citation: MD Ins Code § 32-105 (2017)
- (a) In general. -- On request of the Commissioner, but not more than once each year, a carrier shall submit to the Commissioner an ORSA Summary Report or a combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the carrier or the insurance group of which the carrier is a member.
- (b) Specific request not required. -- Notwithstanding any request from the Commissioner, if the carrier is a member of an insurance group, the carrier shall submit the report required by this section if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures in the Financial Analysis Handbook adopted by the NAIC.
- (c) Establishing date for report. -- The carrier shall:
- (1) determine the most appropriate date of the filing based on the carrier's internal strategic planning processes; and
- (2) notify the Commissioner of the anticipated date of the filing.
- (d) Signing and attestation. -- The carrier's or insurance group's chief risk officer or other executive with responsibility for the oversight of the carrier's enterprise risk management process shall sign the report and attest to the best of that individual's belief and knowledge that:
- (1) the carrier applies the enterprise risk management process described in the ORSA Summary Report; and
- (2) a copy of the report has been provided to the carrier's board of directors or the appropriate committee of the board.
- (e) Compliance by providing most recent and substantially similar report. -- A carrier may comply with subsection (a) of this section by providing the most recent and substantially similar report that the carrier or another member of an insurance group of which the carrier is a member provided to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction if that report provides information that is comparable to the information described in the ORSA Guidance Manual.
- (f) Translations. -- Any report that is provided under subsection (e) of this section in a language other than English must be accompanied by a translation of that report into English.
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