§ 3302. Definitions
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 3302
§ 3302. Definitions
As used in the Own Risk and Solvency Assessment (ORSA) Act:
2. “Insurer” shall have the same meaning as set forth in Section 103 of Title 36 of the Oklahoma Statutes, except that it shall 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;
3. “Own Risk and Solvency Assessment” or “ORSA” shall mean 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;
4. “ORSA Guidance Manual” shall mean the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC), as amended from time to time. A change in the ORSA Guidance Manual shall be effective on January 1 following the calendar year in which the changes have been adopted by the NAIC; and
Credits
Laws 2015, c. 228, § 2, eff. Jan. 1, 2016.
36 Okl. St. Ann. § 3302, OK ST T. 36 § 3302
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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