Code of Alabama - Title 27: Insurance - Chapter 29A - Risk Management and Own Risk and Solvency Assessment

  • Section 27-29A-1 Purpose and scope
    (a) The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment...
  • Section 27-29A-2 Definitions
    For purposes of this chapter, the following definitions shall apply: (1) INSURANCE GROUP. Those insurers and affiliates included within an insurance holding company system as...
  • Section 27-29A-3 Risk management framework
    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 27-29A-4 ORSA requirement
    Subject to Section 27-29A-6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a...
  • Section 27-29A-5 ORSA Summary Report
    (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...
  • Section 27-29A-6 Exemption
    (a) An insurer shall be exempt from the requirements of this chapter, if it meets both of the following: (1) The insurer has annual direct...
  • Section 27-29A-7 Contents of ORSA Summary Report
    (a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b). Documentation and supporting information...
  • Section 27-29A-8 Confidentiality
    (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...
  • Section 27-29A-9 Sanctions
    (a) Any insurer failing, without just cause as determined by the commissioner, to timely file the ORSA Summary Report as required in this chapter shall...
  • Section 27-29A-10 Operative date
    The first filing of the ORSA Summary Report shall be in the year commencing on January 1, 2017, pursuant to Section 27-29A-5.

Last modified: May 3, 2021