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Utah Code
2017 Utah Code
Title 31A - Insurance Code
Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act
Section 102 - Definitions.
Universal Citation:
UT Code § 31A-16a-102 (2017)
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Effective 5/9/2017
31A-16a-102. Definitions.
As used in this chapter:
Enacted by Chapter 168, 2017 General Session
31A-16a-102. Definitions.
As used in this chapter:
- (1) "Insurance group," for the purpose of conducting an own risk and solvency assessment, means those insurers and affiliates included within an insurance holding company system as defined in Section 31A-1-301.
- (2) "Insurer" means the same as that term is defined in Section 31A-1-301, except that it does not include agency, authority, or instrumentality of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
- (3) "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 and as amended from time to time.
- (4) "ORSA summary report" means a confidential high-level summary of an insurer or insurance group's own risk and solvency assessment.
- (5) "Own risk and solvency assessment" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks.
Enacted by Chapter 168, 2017 General Session
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