Vermont Statutes Title 8 Sec. 3584
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Terms Used In Vermont Statutes Title 8 Sec. 3584
- 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's or insurance group's current business plan and the sufficiency of capital resources to support those risks. See
- Guidance Manual: means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC, as may be amended from time to time. See
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in subdivision 3681(5) of this title. See
§ 3584. ORSA requirement
Subject to section 3586 of this subchapter, 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 Guidance Manual. The 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. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)