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2017 Maryland Code
Insurance
Title 32 - Risk Management and Own Risk and Solvency Assessment Act (Title Effective January 1, 2018.)
§ 32-107. ORSA Summary Report.
Universal Citation: MD Ins Code § 32-107 (2017)
- (a) Preparation. -- The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual.
- (b) Documentation and supporting information to be made available. -- Documentation and supporting information for the ORSA Summary Report shall be maintained and made available on examination or request of the Commissioner.
- (c) Review. --
- (1) The Commissioner shall review the ORSA Summary Report.
- (2) The Commissioner shall make any requests for additional information using procedures similar to those currently used in the analysis and examination of multi-state or global carriers and insurance groups.
- (d) Summary of changes and updates. -- The ORSA Summary Report shall include a short summary of material changes and updates to the ORSA Summary Report since the prior year.
- (e) Third-party consultants. -- The Commissioner may retain, at the carrier's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Administration's staff as may be reasonably necessary to assist the Administration in reviewing the carrier's risk management framework, ORSA, ORSA Summary Report, or compliance with this title.
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