New Hampshire Revised Statutes 401-C:2 – Definitions
Current as of: 2023 | Check for updates
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In this chapter:
I. For the purpose of conducting an ORSA, “insurance group” means those insurers and affiliates included within an insurance holding company system as defined in RSA 401-B.
II. “Insurer” shall have the same meaning as set forth in N.H. Rev. Stat. § 401-C:2, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
III. “Own risk and solvency assessment” or “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.
IV. “ORSA guidance manual” means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA guidance manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.
V. “ORSA summary report” means a confidential high-level summary of an insurer or insurance group’s ORSA.
I. For the purpose of conducting an ORSA, “insurance group” means those insurers and affiliates included within an insurance holding company system as defined in RSA 401-B.
Terms Used In New Hampshire Revised Statutes 401-C:2
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. “Insurer” shall have the same meaning as set forth in N.H. Rev. Stat. § 401-C:2, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
III. “Own risk and solvency assessment” or “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.
IV. “ORSA guidance manual” means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA guidance manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.
V. “ORSA summary report” means a confidential high-level summary of an insurer or insurance group’s ORSA.