Title 58, INSURANCE

If an insurer qualifies for exemption pursuant to subdivision 58-5A-85(1), but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision 58-5A-85(2), the ORSA summary report that may be required shall include every insurer within …

An insurer that does not qualify for exemption may apply to the director for a waiver from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, based upon unique circumstances. In deciding whether to grant the insurer's request for waiver, the director may consider the type a…

If an insurer that qualifies for an exemption subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer's most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the i…

Notwithstanding the exemptions from the requirements of §§ 58-5A-81 to 58-5A-93 , inclusive, the director may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report: (1) Based on unique circumstances including the type and v…

The director shall approve any merger or other acquisition of control referred to in §§ 58-5A-3 and 58-5A-45 unless, after a public hearing he finds that: (1) After the change of control the domestic insurer would not be able to satisfy the requirements for the issuance of a lice…

If the director determines that any person fails to comply with the provisions of § 58-5A-3 , 58-5A-3.1 , 58-5A-4 , 58-5A-8 , 58-5A-9 , or 58-5A-45 preventing the full understanding of the enterprise risk to the insurer by the affiliates or by the insurance holding company system…

Documents, materials, or other information, including the ORSA summary report, in the possession of or control of the division that are obtained by, created by, or disclosed to the director or any other person under §§ 58-5A-81 to 58-5A-93 , inclusive, are recognized by this stat…

In order to assist in the performance of the director's regulatory duties regarding ORSA, the director: (1) May, upon request, share documents, materials, or other ORSA-related information, including the confidential and privileged documents, materials, or information subject to …

The sharing of information and documents by the director pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, does not constitute a delegation of regulatory authority or rule making. The director is solely responsible for the administration, execution, and enforcement of the provisio…

The director shall promulgate rules, pursuant to chapter 1-26 , to carry out ORSA including: (1) Adoption of the NAIC ORSA guidance manual; (2) Definition of terms; (3) Fees; and (4) Timing, form, and content of reports. Source: SL 2017, ch 210 , § 14.

Except as provided in this section and in § 58-5A-95 , the ultimate controlling person of every insurer subject to registration must concurrently file with the registration an annual group capital calculation as directed by the lead state director or commissioner. The report must…

Insurance holding company systems described in this section are exempt from filing the group capital calculation provided in § 58-5A-94 : (1) An insurance holding company system that: (a) Has only one insurer within its holding company structure; (b) Only writes business in its d…

Notwithstanding the provisions of subdivisions 58-5A-95 (3) and (4), if this state is considered the lead state, the director must require the filing of the group capital calculation for U.S. operations for any non-U.S. based insurance holding company system where, after any nece…

The ultimate controlling person of every insurer subject to registration and scoped into the NAIC liquidity stress test framework must file the results of a specific year’s liquidity stress test. The filing must be made to the lead state insurance director or commissioner of the …

The group capital calculation and resulting group capital ratio required under § 58-5A-94 and the liquidity stress test, along with its results and supporting disclosures, required under § 58-5A-97 , are regulatory tools for assessing group risks and capital adequacy and group li…

If information is released in contradiction of § 58-5A-98 , an insurer may publish an announcement in a written publication if the sole purpose of the announcement is to rebut any materially false statement with respect to the group capital calculation or any resulting group capi…