™Your Policy Risk Impact Agent
102 chapters · 2,150 sections in this title.
RCW 48.05A.005 Purpose—Application—Findings—Intent.
1.2K chars
(1) The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment and provide guidance and instructions for filing an ORSA summary report with the insurance commissioner of this state. (2)…
RCW 48.05A.010 Definitions.
2.0K chars
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) "Insurance group" means, for the purposes of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in RCW 48…
RCW 48.05A.015 Risk management framework required.
0.4K chars
An insurer must maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk m…
RCW 48.05A.020 Must conduct an ORSA at least annually.
0.4K chars
Subject to RCW 48.05A.030, an insurer, or the insurance group of which the insurer is a member, must regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA must be conducted annually but also at any time when there are significant cha…
