Michigan Laws 500.1705 – ORSA; conduct
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.1705
- 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
- ORSA: means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by the 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 Michigan Laws 500.1701
- ORSA guidance manual: means the own risk and solvency assessment guidance manual as adopted and prescribed by the director. See Michigan Laws 500.1701
Subject to section 1709, 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 ORSA guidance manual. The ORSA 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.