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§ 32-105. Submission of ORSA Summary Report

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, § 32-105
§ 32-105. Submission of ORSA Summary Report
Submission of report to Commissioner
(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.
Submission of report to lead state commissioner of insurance group
(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.
Date of filing
(c) The carrier shall:
(1) determine the most appropriate date of the filing based on the carrier's internal strategic planning processes; and
(2) notify the Commissioner of the anticipated date of the filing.
Chief Risk officer to sign report
(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:
(1) the carrier applies the enterprise risk management process described in the ORSA Summary Report; and
(2) a copy of the report has been provided to the carrier's board of directors or the appropriate committee of the board.
Submission of similar report
(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.
Translation required for report submitted in language other than English
(f) Any report that is provided under subsection (e) of this section in a language other than English must be accompanied by a translation of that report into English.

Credits

Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-105, MD INSURANCE § 32-105
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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