(a) “Act” means the risk management and own risk and solvency assessment act.
(b) “Commissioner” means the state commissioner of insurance.
(c) “Insurance group” means those insurers and affiliates included within an insurance holding company
system as defined in K.S.A. 40-3302, and amendments thereto.
(d) “Insurer” has the meaning ascribed to it in K.S.A. 40-3302, and amendments thereto, 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
(e) “NAIC” means the national association of insurance commissioners.
(f) “Own risk and solvency assessment” or “ORSA” means 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.
(g) “ORSA guidance manual” means the current version of the own risk and solvency assessment guidance manual
developed and adopted by the NAIC, as in effect on January 1, 2017.
(h) “ORSA summary report” means a confidential high-level summary of an insurer or insurance group's ORSA.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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