Vt. Stat. Ann. tit. 8, § 3582
Definitions
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
As used in this subchapter:
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.
(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.
(2) “Insurer” shall have the same meaning as in subdivision 3681(6) of this title.
(3) "NAIC" means the National Association of Insurance Commissioners.
(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.
(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.
(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.
(6) “Summary Report” means a confidential high-level summary of an insurer or insurance group’s ORSA.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.