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§ 991.2605. ORSA summary report

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: January 1, 2015

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XXVI. Risk Management and Own Risk Solvency Assessment
Effective: January 1, 2015
40 P.S. § 991.2605
§ 991.2605. ORSA summary report
Currentness
(a) General rule.--Beginning January 1, 2015, and every year thereafter, a domestic insurer or an insurer that is a member of an insurance group of which Pennsylvania is the lead state as determined by the financial analysis handbook adopted by the NAIC shall submit an ORSA summary report to the department once per calendar year. The insurer or insurance group shall determine the most appropriate date of filing based upon the insurer or insurance group's internal strategic planning processes and notify the department of the anticipated date of filing by June 1 of each year.
(b) Exception.--An insurer not required to submit an ORSA summary report under subsection (a) shall do so upon the department's request, but not more than once per calendar year. The insurer shall determine the most appropriate date of the filing based upon the insurer's internal strategic planning processes and notify the department of the anticipated date of filing within 30 days of the department's request.
(c) Form of summary report.--An insurer may comply with subsection (a) or (b) by providing to the department either of the following:
(1) A combination of reports that together contain the information described in the ORSA guidance manual.
(2) A copy of the most recent reports submitted by the insurer, or another member of an insurance group of which the insurer is a member, to the chief insurance regulatory official of another state or to a supervisor or regulator of a foreign jurisdiction, if that report is substantially similar to the ORSA summary report. For purposes of this section, “substantially similar” means containing information comparable to the information described in the ORSA guidance manual as determined by the commissioner. If the report is in a language other than English, it must be accompanied by a translation of that report into the English language.
(d) Attestation.--The ORSA summary report must include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's risk management process attesting to the best of that person's belief and knowledge that the insurer applies the risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.
(e) Compliance with ORSA guidance manual.--The ORSA summary report must be prepared in accordance with the ORSA guidance manual. Documentation and supporting information must be maintained and made available upon request in an examination conducted pursuant to section 14061 or Article IX of the act of May 17, 1921 (P.L. 789, No. 285),2 known as The Insurance Department Act of 1921.
(f) Review by department.--The department shall review the ORSA summary report and make additional requests for information using procedures similar to current procedures for coordinating analysis and examination of multistate or global insurers and insurance groups.
(g) Summary of material changes and updates.--The ORSA summary report should also include a short summary of material changes and updates to the ORSA summary report since the prior year.

Credits

1921, May 17, P.L. 682, No. 284, art. XXVI, § 2605, added 2013, Oct. 25, P.L. 656, No. 78, § 2, effective Jan. 1, 2015.

Footnotes

1
40 P.S. § 991.1406.
2
40 P.S. § 323.1 et seq.
40 P.S. § 991.2605, PA ST 40 P.S. § 991.2605
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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