Subject to Section 129.7 of this Code, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
215 ILCS 5/129.4
ORSA requirement
Known as the Risk Management and Own Risk and Solvency Assessment Law
The act spans §§ 215-5-129 to 215-5-129-9 (10 sections).
P.A. 98-910, eff. 7-1-15.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.