Oklahoma § 36-3305 - ORSA Summary Report

§ 36-3305. ORSA Summary Report

A. Upon the Insurance Commissioner's request, and no more than

once each year, an insurer shall submit to the Insurance

Commissioner an ORSA Summary Report or any combination of reports

that together contain the information described in the ORSA Guidance

Manual, applicable to the insurer and/or the insurance group of

which it is a member. Notwithstanding any request from the

Insurance Commissioner, if the insurer is a member of an insurance

group, the insurer shall submit the report(s) required by this

subsection if the Insurance Commissioner is the lead state Insurance

Commissioner of the insurance group as determined by the procedures

within the Financial Analysis Handbook adopted by the National

Association of Insurance Commissioners.

Oklahoma Statutes - Title 36. Insurance

B. The report(s) shall include a signature of the insurer or

insurance group's chief risk officer or other executive having

responsibility for the oversight of the insurer's enterprise risk

management process attesting to the best of his or her belief and

knowledge that the insurer applies the enterprise risk management

process described in the ORSA Summary Report and that a copy of the

report has been provided to the insurer's board of directors or the

appropriate committee thereof.

C. An insurer may comply with subsection A of this section by

providing the most recent and substantially similar reports provided

by the insurer or another member of an insurance group of which the

insurer is a member to the Insurance 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. Any such report in a

language other than English must be accompanied by a translation of

that report into the English language.

D. The first filing of the ORSA Summary Report shall be in 2016

pursuant to this section.

Added by Laws 2015, c. 228, § 5, eff. Jan 1, 2016.