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Searching 2021-2022 Session

The Vermont Statutes Online


Title 8 : Banking and Insurance


Subchapter 007A : Own Risk and Solvency Assessment

(Cite as: 8 V.S.A. § 3582)
  • § 3582. Definitions

    As used in this subchapter:

    (1) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in subdivision 3681(5) of this title.

    (2) "Insurer" shall have the same meaning as in subdivision 3681(6) of this title.

    (3) "NAIC" means the National Association of Insurance Commissioners.

    (4) "Own Risk and Solvency Assessment" or "ORSA" or "assessment" means a confidential, internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks.

    (5) "Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC, as may be amended from time to time. A change in the Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.

    (6) "Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA. (Added 2013, No. 29, § 44, eff. Jan. 1, 2015.)