California Insurance Code ARTICLE 10.6 - Own Risk and Solvency Assessment

  • Section 935.1.
    (a) The purpose of this article is to provide the requirements for maintaining a risk management framework, completing an Own Risk and Solvency Assessment (ORSA), and...
  • Section 935.2.
    For purposes of this article, the following definitions apply:(a) For the purpose of conducting an ORSA, the term “insurance group” shall mean those insurers and affiliates...
  • Section 935.3.
    An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks....
  • Section 935.4.
    Subject to Section 935.6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a...
  • Section 935.5.
    (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...
  • Section 935.6.
    (a) An insurer shall be exempt from the requirements of this article if both of the following apply:(1) The insurer has annual direct written and unaffiliated assumed...
  • Section 935.7.
    (a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of this section. Documentation and supporting information shall...
  • Section 935.8.
    (a) Documents, materials, or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are obtained by,...
  • Section 935.9.
    Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this article shall be subject to the late filing...
  • Section 935.10.a.
    If any provision of this article, or the application thereof to any person or circumstance, is held invalid, that determination shall not affect the provisions...
  • Section 935.11.
    This article shall become operative on January 1, 2015.(Added by Stats. 2013, Ch. 238, Sec. 1. (AB 584) Effective January 1, 2014. Note: This section...

Last modified: October 22, 2018