(1) The purpose of this part 15 is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the commissioner.
The requirements of this part 15 apply to all insurers domiciled in this state unlessexempt pursuant to section 10-3-1506.
The general assembly finds and declares that the ORSA summary report will containconfidential and sensitive information related to an insurer's or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the general assembly that the ORSA summary report be a confidential document filed with the commissioner, be shared only as stated in this part 15 and to assist the commissioner in the performance of his or her duties, and not be subject to public disclosure.
Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, § 2, effective March 18.