The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
007A
:
OWN RISK AND SOLVENCY ASSESSMENT
(Cite as: 8 V.S.A. § 3582)
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§ 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(6) of this title.
(2) “Insurer” shall have the same meaning as in subdivision 3681(7) 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.)