Definitions

  1. Law
  2. Georgia Code
  3. Insurance
  4. Insurance Holding Company Systems
  5. Own Risk and Solvency Assessment Report
  6. Definitions

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As used in this article, the term:

  1. "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in paragraph (5) of Code Section 33-13-1.
  2. "Insurer" shall have the same meaning as set forth in Code Section 33-1-2, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
  3. "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks.
  4. "ORSA Guidance Manual" means the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on January 1 following the calendar year in which the changes have been adopted by the National Association of Insurance Commissioners.
  5. "ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA.

(Code 1981, §33-13-32, enacted by Ga. L. 2015, p. 608, § 2/SB 108; Ga. L. 2016, p. 864, § 33/HB 737; Ga. L. 2019, p. 337, § 1-67/SB 132.)

The 2019 amendment, effective July 1, 2019, deleted "the current version of" preceding "the Own Risk" in paragraph (4).


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