Sec. 1705.
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.
History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)
Section 500.1701 - Definitions.
Section 500.1703 - Risk Management Framework.
Section 500.1705 - Orsa; Conduct.
Section 500.1707 - Orsa Summary Report.
Section 500.1715 - Failure to File Timely Orsa Summary Report; Penalty.