An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, § 2, effective March 18. 10-3-1504. ORSA requirement. Subject to section 10-3-1506, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA must be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Source: L. 2016: Entire part added, (SB 16-029), ch. 32, p. 74, § 2, effective March 18.