(A) Upon the director's request, and no more than once each year, an insurer shall submit to the director an ORSA Summary Report or a combination of reports that contain the information described in the ORSA Guidance Manual, applicable to the insurer and/or the insurance group of which it is a member. Notwithstanding a request from the director, if the insurer is a member of an insurance group, the insurer shall submit the reports required by this subsection if the director is the lead state director of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
(B) The reports must include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or other appropriate committees.
(C) An insurer may comply with subsection (A) by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. A report in a language other than English must be accompanied by a translation of that report into the English language.
HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
Structure South Carolina Code of Laws
Chapter 13 - Examinations, Investigations, Records, And Reports
Section 38-13-40. Examiners not to be appointed if conflict of interest exists; exceptions.
Section 38-13-50. Insurer to pay cost of examination; civil action to recover costs.
Section 38-13-60. Immunity from liability; recovery of attorney fees and costs if prevailing party.
Section 38-13-70. Investigation of charges; liability for expenses.
Section 38-13-80. Annual statement as to business standing and financial condition.
Section 38-13-90. Publication of assets and liabilities.
Section 38-13-100. Items to be included as liabilities in financial statements.
Section 38-13-110. Treatment of contingent debts or liabilities in financial statements.
Section 38-13-120. Record of business done; inspection by Director or designee.
Section 38-13-130. Records of losses and claims.
Section 38-13-140. Refusal to exhibit records; false statements; confidentiality of replies.
Section 38-13-150. Returns of reinsurance by insurers; effect of refusal.
Section 38-13-160. Director or designee may require special reports; confidentiality of replies.
Section 38-13-170. Penalties for making or aiding in making false statement.
Section 38-13-180. Insurance reserve fund defined.
Section 38-13-200. Penalty for refusal to be examined under oath.
Section 38-13-310. Supplemental report.
Section 38-13-320. Data in supplemental report.
Section 38-13-340. Review of supplemental reports.
Section 38-13-350. Filing of required information.
Section 38-13-360. Penalty for failure to comply with provisions of article.
Section 38-13-700. Periodic examination of unemployment compensation fund; duties of director.
Section 38-13-710. Who may request examination; contents of request.
Section 38-13-730. Verification of data provided by department; sample data testing.
Section 38-13-750. Conflict of interest prohibited.
Section 38-13-760. Department to pay charges.
Section 38-13-810. Purpose; application; findings.
Section 38-13-820. Definitions.
Section 38-13-830. Risk management framework.
Section 38-13-840. Insurers required to conduct ORSA on no less than an annual basis.
Section 38-13-850. ORSA Summary Reports.
Section 38-13-860. Exemptions.
Section 38-13-870. Preparation of ORSA Summary Report; review; requests for information.
Section 38-13-880. Confidentiality.
Section 38-13-900. Effective date.
Section 38-13-1000. Purpose; construction; application.
Section 38-13-1010. Definitions.
Section 38-13-1020. Submission of Corporate Governance Annual Disclosure.
Section 38-13-1030. Rules, regulations, and orders.
Section 38-13-1060. Retention of third-party consultants.