Okla. Stat. tit. 36, § 36-3305
This is the official text of Okla. Stat. tit. 36, § 36-3305, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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ORSA Summary Report
Official statutory text
A. Upon the Insurance Commissioner's request, and no more than
once each year, an insurer shall submit to the Insurance
Commissioner an ORSA Summary Report or any combination of reports
that together contain the information described in the ORSA Guidance
Manual, applicable to the insurer and/or the insurance group of
which it is a member. Notwithstanding any request from the
Insurance Commissioner, if the insurer is a member of an insurance
group, the insurer shall submit the report(s) required by this
subsection if the Insurance Commissioner is the lead state Insurance
Commissioner of the insurance group as determined by the procedures
within the Financial Analysis Handbook adopted by the National
Association of Insurance Commissioners.
Oklahoma Statutes - Title 36. Insurance Page 764
B. The report(s) shall include a signature of the insurer or
insurance group's chief risk officer or other executive having
responsibility for the oversight of the insurer's enterprise risk
management process attesting to the best of his or her belief and
knowledge that the insurer applies the enterprise risk management
process described in the ORSA Summary Report and that a copy of the
report has been provided to the insurer's board of directors or the
appropriate committee thereof.
C. An insurer may comply with subsection A of this section by
providing the most recent and substantially similar reports provided
by the insurer or another member of an insurance group of which the
insurer is a member to the Insurance Commissioner of another state
or to a supervisor or regulator of a foreign jurisdiction, if that
report provides information that is comparable to the information
described in the ORSA Guidance Manual. Any such report in a
language other than English must be accompanied by a translation of
that report into the English language.
D. The first filing of the ORSA Summary Report shall be in 2016
pursuant to this section.
once each year, an insurer shall submit to the Insurance
Commissioner an ORSA Summary Report or any combination of reports
that together contain the information described in the ORSA Guidance
Manual, applicable to the insurer and/or the insurance group of
which it is a member. Notwithstanding any request from the
Insurance Commissioner, if the insurer is a member of an insurance
group, the insurer shall submit the report(s) required by this
subsection if the Insurance Commissioner is the lead state Insurance
Commissioner of the insurance group as determined by the procedures
within the Financial Analysis Handbook adopted by the National
Association of Insurance Commissioners.
Oklahoma Statutes - Title 36. Insurance Page 764
B. The report(s) shall include a signature of the insurer or
insurance group's chief risk officer or other executive having
responsibility for the oversight of the insurer's enterprise risk
management process attesting to the best of his or her belief and
knowledge that the insurer applies the enterprise risk management
process described in the ORSA Summary Report and that a copy of the
report has been provided to the insurer's board of directors or the
appropriate committee thereof.
C. An insurer may comply with subsection A of this section by
providing the most recent and substantially similar reports provided
by the insurer or another member of an insurance group of which the
insurer is a member to the Insurance Commissioner of another state
or to a supervisor or regulator of a foreign jurisdiction, if that
report provides information that is comparable to the information
described in the ORSA Guidance Manual. Any such report in a
language other than English must be accompanied by a translation of
that report into the English language.
D. The first filing of the ORSA Summary Report shall be in 2016
pursuant to this section.
Status: in_force · Read it on the official government site
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