Examples of ORSA summary report in a sentence
The review of an ORSA summary report and any additional requests for6 information shall be made using similar procedures currently used in the analysis and7 examination of multistate or global insurers and insurance groups.382.535.
The report or reports shall include a signature of the insurer's or insurance11 group's chief risk officer or other executive having responsibility for the oversight of the12 insurer's enterprise risk management process attesting to the best of his or her belief and13 knowledge that the insurer applies the enterprise risk management process described in14 the ORSA summary report and that a copy of the report has been provided to the insurer's15 board of directors or the appropriate committee thereof.16 3.
The report or reports shall include a signature of the insurer's or insurance10 group's chief risk officer or other executive having responsibility for the oversight of the11 insurer's enterprise risk management process attesting to the best of his or her belief and12 knowledge that the insurer applies the enterprise risk management process described in13 the ORSA summary report and that a copy of the report has been provided to the insurer's14 board of directors or the appropriate committee thereof.15 3.
The Act provides that this ORSA summary report – like the ORSA itself and the other required documentation – “shall be prepared consistent with the ORSA Guidance Manual.”77The ORSA Model Act does not provide the NAIC with any direction about the process or substance of the ORSA Manual.
The general court find3s1 and declares that the ORSA summary report will contain confidential and sensitive informati3o2n related to an insurer or insurance group’s identification of risks material and relevant to the in3su3rer or insurance group filing the report.