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§ 32-101. Definitions

West's Annotated Code of MarylandInsuranceEffective: January 1, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 32. Risk Management and Own Risk and Solvency Assessment Act (Refs & Annos)
Effective: January 1, 2018
MD Code, Insurance, § 32-101
§ 32-101. Definitions
In general
(a) In this title the following words have the meanings indicated.
Carrier
(b) “Carrier” means:
(1) an insurer;
(2) a nonprofit health service plan;
(3) a health maintenance organization; or
(4) a dental plan organization.
Insurance group
(c) “Insurance group” means, for the purpose of conducting an ORSA, those carriers and affiliates that are included within an insurance holding company system as defined in § 7-101 of this article.
NAIC
(d) “NAIC” means the National Association of Insurance Commissioners.
Own Risk and Solvency Assessment or ORSA
(e) “Own Risk and Solvency Assessment” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale, and complexity of a carrier or insurance group, that the carrier or insurance group conducts, of the material and relevant risks associated with the carrier's or insurance group's current business plan and the sufficiency of capital resources to support those risks.
ORSA Guidance Manual
(f) “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.
ORSA-related information
(g) “ORSA-related information” means any document, material, or other information related to an ORSA, an ORSA Summary Report, or a risk management framework of a carrier or insurance group.
ORSA Summary Report
(h) “ORSA Summary Report” means a confidential high-level summary of the ORSA of a carrier or insurance group.
Supervisory college
(i) “Supervisory college” has the meaning stated in § 2-209.1 of this article.

Credits

Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-101, MD INSURANCE § 32-101
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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