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§ 32-107. 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, § 32-107
§ 32-107. ORSA Summary Report
Prepared consistent with ORSA Guidance Manual
(a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual.
Maintenance and availability of documentation and information supporting Report
(b) Documentation and supporting information for the ORSA Summary Report shall be maintained and made available on examination or request of the Commissioner.
Commissioner to review ORSA Summary Report
(c)(1) The Commissioner shall review the ORSA Summary Report.
(2) The Commissioner shall make any requests for additional information using procedures similar to those currently used in the analysis and examination of multi-state or global carriers and insurance groups.
Summary of material changes and updates since prior Report
(d) The ORSA Summary Report shall include a short summary of material changes and updates to the ORSA Summary Report since the prior year.
Third-party consultants
(e) The Commissioner may retain, at the carrier's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Administration's staff as may be reasonably necessary to assist the Administration in reviewing the carrier's risk management framework, ORSA, ORSA Summary Report, or compliance with this title.

Credits

Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-107, MD INSURANCE § 32-107
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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