South Carolina § 38-13-820 - Definitions.

§ 38-13-820. Definitions.

For purposes of this article, the term:

(1) "Director" means the Director of the Department of Insurance.

(2) "Insurance group" means insurers and affiliates included within an insurance holding company system.

(3) "Insurer" has the same meaning as set forth in Section 38-1-20, except the term does 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.

(4) "Own Risk and Solvency Assessment" or "ORSA" 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.

(5) "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 (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual is effective on January first of the following calendar year in which the changes have been adopted by the NAIC.

(6) "ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA.

HISTORY: 2017 Act No. 48 (S.254), SECTION 1, eff January 1, 2018.