Oklahoma § 36-3302 - Definitions

§ 36-3302. Definitions

As used in the Own Risk and Solvency Assessment (ORSA) Act:

1. "Insurance group" shall mean, for the purpose of conducting

an Own Risk and Solvency Assessment (ORSA), those insurers and

affiliates included within an insurance holding company system as

defined in Section 1651 of Title 36 of the Oklahoma Statutes;

2. "Insurer" shall have the same meaning as set forth in

Section 103 of Title 36 of the Oklahoma Statutes, except that it

shall not include agencies, authorities or instrumentalities 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. "Own Risk and Solvency Assessment" or "ORSA" shall mean a

confidential internal assessment, appropriate to the nature, scale,

Oklahoma Statutes - Title 36. Insurance

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;

4. "ORSA Guidance Manual" shall mean the current version of the

Own Risk and Solvency Assessment Guidance Manual developed and

adopted by the National Association of Insurance Commissioners

(NAIC), as amended from time to time. A change in the ORSA Guidance

Manual shall be effective on January 1 following the calendar year

in which the changes have been adopted by the NAIC; and

5. "ORSA Summary Report" shall mean a confidential high-level

summary of an insurer's or insurance group's ORSA.

Added by Laws 2015, c. 228, § 2, eff. Jan. 1, 2016.