At the request of the Director of the Department of Consumer and Business Services, and not more than once each year, an insurer shall submit to the director an own risk and solvency assessment summary report, or any combination of reports that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual, for the insurer or the insurance group of which the insurer is a member. If the insurer is a member of an insurance group and the director is the lead state director for the insurance group, the insurer shall submit the own risk and solvency assessment summary report or combination of reports without waiting for a request from the director.
The insurer’s or insurance group’s chief risk officer, or another executive who has responsibility for overseeing the insurer’s or insurance group’s enterprise risk management process, shall attest in a signed statement in the own risk and solvency assessment summary report that to the best of the officer’s or executive’s belief and knowledge the insurer applies the enterprise risk management process described in the insurer’s own risk and solvency assessment summary report and that a copy of the report has been provided to the insurer’s board of directors or an appropriate committee of the board of directors.
An insurer may comply with subsection (1) of this section by providing the most recent and substantially similar report that the insurer or another member of an insurance group of which the insurer is a member provided to the director of another state or to a supervisor or regulator of a foreign jurisdiction, if the report provides information that is comparable to the information described in the Own Risk and Solvency Assessment Guidance Manual. An insurer that submits a report that is written in a language other than English must accompany the report with a translation of the report into the English language.
An insurer that must submit a report under this section shall submit the report in accordance with a schedule the director establishes, unless the director for good cause shown extends the time for submitting the report. [2015 c.547 §6]Note: See note under 732.650 (Definitions).