Organization and Corporate Procedures of Domestic Insurers

ORS 732.650
Definitions


As used in ORS 732.650 (Definitions) to 732.689 (Retention of consultant to assist director’s review of corporate governance annual disclosure):

(1)

“Corporate governance annual disclosure” means a report that an insurer or insurance group files with the Director of the Department of Consumer and Business Services in accordance with ORS 732.680 (Submission of corporate governance annual disclosure) and 732.683 (Discretion as to form and content of responses to inquiries in corporate governance annual disclosure).

(2)

“Insurance group” means insurers and affiliates within an insurance holding company system, as defined in ORS 732.548 (Definitions for ORS 732.517 to 732.596).

(3)

“Insurer” has the meaning given that term in ORS 732.548 (Definitions for ORS 732.517 to 732.596).

(4)

“Own risk and solvency assessment” means a confidential internal assessment of the material and relevant risks associated with an insurer’s or insurance group’s business plan and of the sufficiency of capital resources to support the business plan that the insurer or insurance group conducts and that is appropriate for the nature, scale and complexity of the insurer or insurance group.

(5)

“Own Risk and Solvency Assessment Guidance Manual” means the Own Risk and Solvency Assessment Guidance Manual that the National Association of Insurance Commissioners develops and adopts and that the Director of the Department of Consumer and Business Services by rule or order designates as guidance and standards for completing an own risk and solvency assessment.

(6)

“Own risk and solvency assessment summary report” means a confidential high-level summary of an insurer’s or insurance group’s own risk and solvency assessment. [2015 c.547 §2; 2017 c.479 §14]
Note: 732.650 (Definitions) to 732.689 (Retention of consultant to assist director’s review of corporate governance annual disclosure) were added to and made a part of the Insurance Code by legislative action but were not added to ORS chapter 732 or any series therein. See Preface to Oregon Revised Statutes for further explanation.

Source

Last accessed
Jun. 26, 2021