(3) “Own Risk and Solvency Assessment” (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's or insurance
group's current business plan, and the sufficiency of capital resources to support
(4) “ORSA Guidance Manual” means the current version of the Own Risk and Solvency Assessment Guidance Manual
developed and adopted by the National Association of Insurance Commissioners (NAIC)
and as may be 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
(5) “ORSA Summary Report” means a confidential high-level summary of an insurer's or insurance group's ORSA.
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