§ 31–4121.01. Definitions.

For the purposes of this chapter, the term:

(1) "Commissioner" means the Commissioner of the Department of Insurance, Securities and Banking.

(2) "Department" means the Department of Insurance, Securities and Banking.

(3) "Holding Company System Act" means subchapter I of Chapter 7 of this title.

(4) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in § 31-701(4).

(5) "Insurer" means the same as provided in § 31-301(3); 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.

(6) "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.

(7) "ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by NAIC.

(8) "ORSA Summary Report" means a confidential high-level summary of an insurer's or insurance group's ORSA.

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