Sec. 830.004. OWN RISK AND SOLVENCY ASSESSMENT REQUIREMENT. (a) Subject to Section 830.006, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct, consistent with a process comparable to the guidance manual, an own risk and solvency assessment, appropriate to the nature, scale, and complexity of the 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.
(b) The insurer, or the insurance group of which the insurer is a member, shall conduct the own risk and solvency assessment described by Subsection (a):
(1) annually; and
(2) at any other time there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Added by Acts 2015, 84th Leg., R.S., Ch. 39 (S.B. 655), Sec. 1, eff. May 19, 2015.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Chapter 830 - Own Risk and Solvency Assessment
Section 830.001. Applicability and Purpose
Section 830.003. Risk Management Framework
Section 830.004. Own Risk and Solvency Assessment Requirement
Section 830.005. Summary Report Required
Section 830.007. Contents of Summary Report
Section 830.008. Confidentiality
Section 830.009. Agreement Concerning Confidential and Privileged Information
Section 830.010. Authority of Commissioner Not Affected