Subdivision 1. Scope. For purposes of sections 60D.50 to 60D.58, the terms in this section have the meanings given them.
Subd. 2. Insurance group. For the purpose of conducting an ORSA, "insurance group" means those insurers and affiliates included within an insurance holding company system as defined in section 60D.15, subdivision 5.
Subd. 3. Insurer. "Insurer" has the meaning given in section 60D.15, subdivision 6, except that it does not include agencies, authorities, or instrumentalities of the United States, its possessions or territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
Subd. 4. Own Risk and Solvency Assessment or ORSA. "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's or insurance group's current business plan, and the sufficiency of capital resources to support those risks.
Subd. 5. ORSA Guidance Manual. "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 is effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.
Subd. 6. ORSA Summary Report. "ORSA Summary Report" means a confidential high-level summary of an insurer's or insurance group's ORSA.
2014 c 198 art 6 s 2
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60D — Insurance Holding Company Systems
Section 60D.16 — Subsidiaries Of Insurers.
Section 60D.17 — Acquisition Of Control Of Or Merger With Domestic Insurer.
Section 60D.18 — Acquisitions Involving Insurers Not Otherwise Covered.
Section 60D.19 — Registration Of Insurers.
Section 60D.20 — Standards And Management Of An Insurer Within A Holding Company System.
Section 60D.215 — Supervisory Colleges.
Section 60D.217 — Groupwide Supervision Of Internationally Active Insurance Groups.
Section 60D.22 — Confidentiality.
Section 60D.25 — Receivership.
Section 60D.27 — Revocation, Suspension, Or Nonrenewal Of Insurer's License.
Section 60D.28 — Judicial Review, Mandamus.
Section 60D.29 — Conflict With Other Laws.
Section 60D.30 — Eligibility Determination.
Section 60D.50 — Purpose And Scope.
Section 60D.52 — Risk Management Framework.
Section 60D.53 — Orsa Requirement.
Section 60D.54 — Orsa Summary Report.
Section 60D.56 — Contents Of Orsa Summary Report.