Hawaii Revised Statutes 431:3D-104 – Own risk and solvency assessment requirement
Current as of: 2024 | Check for updates
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Terms Used In Hawaii Revised Statutes 431:3D-104
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in article 11. See Hawaii Revised Statutes 431:3D-102
- Own risk and solvency assessment: means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and 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. See Hawaii Revised Statutes 431:3D-102
- Own Risk and Solvency Assessment Guidance Manual: means the Own Risk and Solvency Assessment Guidance Manual as developed and adopted by the National Association of Insurance Commissioners and as amended from time to time. See Hawaii Revised Statutes 431:3D-102
Subject to § 431:3D-106, an insurer or the insurance group of which the insurer is a member shall regularly conduct an own risk and solvency assessment consistent with a process comparable to the Own Risk and Solvency Assessment Guidance Manual. The own risk and solvency assessment shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.