Sec. 10. (a) Upon the request of the commissioner, and not more than one (1) time per year, an insurer shall submit to the commissioner:
(1) an ORSA summary report; or
(2) a combination of reports that together contain the information described in the ORSA Manual;
applicable to the insurer or insurance group of which the insurer is a member.
(b) Regardless of a request from the commissioner, if the commissioner is the lead state commissioner of an insurance group of which an insurer is a member (as determined by the procedures in the Financial Analysis Handbook), the insurer shall submit a report described in subsection (a) at least one (1) time per year.
(c) A report required by this section must include a signature of the insurer's or insurance group's chief risk officer, or another executive who has responsibility for the oversight of the insurer's enterprise risk management process, attesting that:
(1) to the best of the officer's or executive's belief and knowledge the insurer applies the enterprise risk management process described in the ORSA summary report; and
(2) a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the insurer's board of directors.
(d) If an insurer or another member of an insurance group of which the insurer is a member submits to the commissioner the most recent report that:
(1) was provided to the:
(A) commissioner of another state; or
(B) regulatory authority of an alien jurisdiction;
(2) is substantially similar to an ORSA summary report; and
(3) contains information that is comparable to the information described in the ORSA Manual;
the insurer is considered to have satisfied the requirements of this section.
(e) If a report described in subsection (d) is completed in a language other than English, a translation of the report into the English language must be submitted with the report.
As added by P.L.129-2014, SEC.8. Amended by P.L.124-2018, SEC.44.