Kansas Statutes 40-6001. Risk management and own risk and solvency assessment act
Terms Used In Kansas Statutes 40-6001
- Act: means the risk management and own risk and solvency assessment act. See Kansas Statutes 40-6002
- Commissioner: means the state commissioner of insurance. See Kansas Statutes 40-6002
- 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 summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Kansas Statutes 40-6002
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) This act shall be known and may be cited as the risk management and own risk and solvency assessment act.
(b) The risk management and own risk and solvency assessment act provides the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) summary report with the insurance commissioner of the state of Kansas. The requirements of the act shall apply to all insurers domiciled in the state of Kansas unless exempted pursuant to Kan. Stat. Ann. § 40-6006, and amendments thereto.
(c) The risk management and own risk and solvency assessment act and 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. The ORSA summary report shall be a confidential document filed with the commissioner and shall only be shared as stated herein and to assist the commissioner in the performance of the commissioner’s duties. In no event shall the ORSA summary report be subject to public disclosure.