Bill > S2276

This bill establishes a new chapter in the General Laws concerning Own Risk and Solvency Assessment (ORSA) for insurers and insurance groups, defining key terms like "insurance group" (which includes various types of insurance companies and their affiliates), "insurer," "NAIC" (National Association of Insurance Commissioners), "ORSA" (a confidential internal assessment of risks and capital sufficiency), "ORSA Guidance Manual" (a set of standards developed by the NAIC), "ORSA Summary Report" (a high-level summary of the ORSA), and "Supervisory College" (a forum for cooperation among insurance supervisors). It mandates that insurers maintain a risk management framework and regularly conduct an ORSA, submitting a summary report to the commissioner upon request, with specific rules for when an insurer is part of a larger insurance group. The bill also outlines exemptions based on premium volume, with provisions for group-level exemptions and potential waivers for unique circumstances, and clarifies that the ORSA Summary Report and related information are confidential and protected from public disclosure or use in private civil actions, though they can be shared with other regulatory agencies under strict confidentiality agreements. Finally, it sets penalties for failing to file the report on time and allows the commissioner to issue rules and regulations to implement the chapter, with the new requirements becoming effective 90 days after enactment.