(a) Upon the commissioner’s request, and no more than once each year beginning in 2018, an insurer shall submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual, which is applicable to the insurer, the insurance group of which it is a member, or both.
Terms Used In Hawaii Revised Statutes 431:3D-105
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
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Oversight: Committee review of the activities of a Federal agency or program.
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
Own risk and solvency assessment summary report: means a confidential, high-level summary of an insurer or insurance group's own risk and solvency assessment. See Hawaii Revised Statutes 431:3D-102
(b) Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit any reports required by this section if the commissioner is the lead state commissioner of the insurance group as determined by the procedures in the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners. (c) Any reports filed pursuant to this section shall include a signature of the insurance group’s chief risk officer or another executive responsible for the oversight of the insurer’s enterprise risk management process attesting, to the best of the person’s belief and knowledge, that:
(1) The insurer applies the enterprise risk management process described in the own risk and solvency assessment summary report; and (2) A copy of the report has been provided to the insurer’s board of directors or the appropriate committee thereof. (d) An insurer may comply with subsection (a) by providing the most recent and substantially similar report, which is provided by the insurer or another member of an insurance group of which the insurer is a member, or any combination of reports that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual, to the commissioner of another state or a supervisor or regulator of a foreign jurisdiction if that report provides information comparable to that described in the Own Risk and Solvency Assessment Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
