Michigan Laws 500.1703 – Risk management framework
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.1703
- Insurance group: means , for the purpose of conducting an ORSA, insurers and affiliates included within an insurance holding company system. See Michigan Laws 500.1701
- Insurer: means that term as defined in section 106. See Michigan Laws 500.1701
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. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.