TITLE 41

INSURANCE

CHAPTER 63

OWN RISK AND SOLVENCY ASSESSMENT

41-6302.  definitions. For purposes of this chapter:

(1)  "Department" means the state department of insurance.

(2)  "Director" means the director of the state department of insurance.

(3)  "Insurance group" means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section 41-3802, Idaho Code.

(4)  "Insurer" has the same meaning as set forth in section 41-103, Idaho Code, and 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 state. For purposes of this chapter, the term "insurer" includes, but is not limited to:

(a)  An entity holding a certificate of authority under chapter 3, title 41, Idaho Code;

(b)  A service corporation holding a certificate of authority under chapter 34, title 41, Idaho Code;

(c)  A managed care organization holding a certificate of authority under chapter 39, title 41, Idaho Code; and

(d)  The state insurance fund created under chapter 9, title 72, Idaho Code.

(5)  "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’s or the insurance group’s current business plan, and the sufficiency of capital resources to support those risks.

(6)  "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 amended from time to time and utilizing the version of the manual adopted by the director by rule, administrative order or bulletin.

(7)  "ORSA summary report" means a confidential high-level summary of an insurer’s or an insurance group’s ORSA.

History:

[41-6302, added 2017, ch. 75, sec. 1, p. 188.]