§ 32-105. Submission of ORSA Summary Report
West's Annotated Code of MarylandInsuranceEffective: January 1, 2018
Effective: January 1, 2018
MD Code, Insurance, § 32-105
§ 32-105. Submission of ORSA Summary Report
(a) On request of the Commissioner, but not more than once each year, a carrier shall submit to the Commissioner an ORSA Summary Report or a combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the carrier or the insurance group of which the carrier is a member.
(b) Notwithstanding any request from the Commissioner, if the carrier is a member of an insurance group, the carrier shall submit the report required by this section if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures in the Financial Analysis Handbook adopted by the NAIC.
(c) The carrier shall:
(d) The carrier's or insurance group's chief risk officer or other executive with responsibility for the oversight of the carrier's enterprise risk management process shall sign the report and attest to the best of that individual's belief and knowledge that:
(e) A carrier may comply with subsection (a) of this section by providing the most recent and substantially similar report that the carrier or another member of an insurance group of which the carrier is a member provided to the 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.
Credits
Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-105, MD INSURANCE § 32-105
Current through legislation effective through May 8, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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