Kansas Statutes 40-6004. Same; annual assessment required
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 40-6004
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in Kan. See Kansas Statutes 40-6002
- Insurer: has the meaning ascribed to it in Kan. See Kansas Statutes 40-6002
- 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 or insurance group's current business plan and the sufficiency of capital resources to support those risks. See Kansas Statutes 40-6002
- ORSA guidance manual: means the current version of the own risk and solvency assessment guidance manual developed and adopted by the NAIC, as in effect on January 1, 2017. See Kansas Statutes 40-6002
Subject to Kan. Stat. Ann. § 40-6006, and amendments thereto, an insurer or the insurance group of which the insurer is a member shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA 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.