Michigan Laws 500.1711 – ORSA summary report; preparation; maintenance and availability; review by director
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.1711
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- 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
- ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Michigan Laws 500.1701
(1) Subject to subsection (2), an insurer shall prepare an ORSA summary report under section 1707 consistent with the ORSA guidance manual prescribed by the director. The insurer shall maintain and make available to the director documentation and supporting information relating to the ORSA summary report.
(2) The director shall review an ORSA summary report and any additional requests for information using similar procedures used in the analysis and examination of multistate or global insurers and insurance groups.