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District of Columbia Code Division V. Local Business Affairs § 31-4121.04. ORSA Summary Report.

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(a) Upon the Commissioner's request, and no more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports applicable to the insurer or the insurance group of which it is a member that together contain the information described in the ORSA Guidance Manual (“reports”). If the insurer is a member of an insurance group, the insurer shall annually submit the reports required by this subsection to the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC regardless of whether the Commissioner has made a request.

(b) The reports shall be signed by the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process. The executive shall attest that to the best of the executive's belief and knowledge the insurer has applied the enterprise 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 of the board.

(c) An insurer may comply with subsection (a) of this section by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction; provided, that the report provides information that is comparable to the information described in the ORSA Guidance Manual; provider further, that a report in a language other than English shall be accompanied by an English translation of the report.

Cite this article: - District of Columbia Code Division V. Local Business Affairs § 31-4121.04. ORSA Summary Report. - last updated January 01, 2020 |

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