Delaware Code Title 18 Sec. 8402 – Purpose and scope
The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the Insurance Commissioner of this State.
Terms Used In Delaware Code Title 18 Sec. 8402
- insurance group: shall mean those insurers and affiliates included within an insurance holding company system as defined in Chapter 50 of this title. See Delaware Code Title 18 Sec. 8403
- ORSA: shall mean 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 Delaware Code Title 18 Sec. 8403
- ORSA summary report: shall mean a confidential high-level summary of an insurer or insurance group's ORSA. See Delaware Code Title 18 Sec. 8403
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
The requirements of this chapter shall apply to all insurers domiciled in this State unless exempt pursuant to § 8407 of this title.
The General Assembly finds and declares that the ORSA summary report will contain confidential and sensitive information related to an insurer or insurance group‘s identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of this General Assembly that the ORSA summary report shall be a confidential document filed with the Insurance Commissioner, that the ORSA summary report will be shared only as stated herein and to assist the Insurance Commissioner in the performance of his or her duties, and that in no event shall the ORSA summary report be subject to public disclosure.