New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.3 - Own risk and solvency assessment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in subdivision (c) of
				  this section, a domestic insurer shall conduct regularly an own risk and
				  solvency assessment consistent with the process set forth in the ORSA guidance
				  manual. A domestic insurer also shall conduct an ORSA any time there are
				  significant changes to the domestic insurer's risk profile, but no less than
				  annually. A domestic insurer may satisfy this subdivision if the holding
				  company system, article 16 system, or article 17 system of which it is a member
				  conducts an ORSA consistent with this subdivision.
(b)
(1)
				  Except as provided in subdivision (c) of this section, a domestic insurer shall
				  submit electronically to the superintendent annually, but no later than
				  December 1st, starting in 2015, an ORSA summary report or any combination of
				  ORSA summary reports that together contain the information described in the
				  ORSA guidance manual, applicable to the domestic insurer and/or the holding
				  company system, article 16 system, or article 17 system of which it is a
				  member. The domestic insurer also shall submit to the superintendent one hard
				  copy of the ORSA summary report due in 2015. The ORSA summary report shall be
				  prepared consistent with the ORSA guidance manual. A domestic insurer shall
				  maintain and make available documentation and supporting information upon
				  examination or upon the superintendent's request.
(2) A domestic insurer may comply with
				  paragraph (1) of this subdivision by submitting to the superintendent the most
				  recent and substantially similar ORSA summary report or reports provided by the
				  domestic insurer or another member of the domestic insurer's holding company
				  system, article 16 system, or article 17 system to the head insurance regulator
				  of another state or to a supervisor or regulator of a foreign jurisdiction, if
				  the ORSA summary report or reports provide information that is comparable to
				  the information described in the ORSA guidance manual. Any report in a language
				  other than English shall be accompanied by a translation of the report into the
				  English language.
(3) An ORSA
				  summary report shall include the signature of the chief risk officer or other
				  executive having responsibility for the oversight of the enterprise risk
				  management function, attesting to the best of his or her knowledge and belief
				  that the domestic insurer or another member of the domestic insurer's holding
				  company system, article 16 system, or article 17 system applies the enterprise
				  risk management function described in the ORSA summary report and that a copy
				  of the report has been provided to the domestic insurer's or member's board of
				  directors or the appropriate committee thereof, or if there is no board of
				  directors, then to the insurer's or member's governing body.