Own Risk and Solvency Assessments; insurers required to maintain risk management framework. (SB1057)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Insurers; Own Risk and Solvency Assessments. Requires insurance companies to maintain a risk management framework to assist with identifying, assessing, monitoring, managing, and reporting on material and relevant risks. As part of this requirement, each nonexempt insurer, or the insurance group to which it is a member, is required regularly to conduct an Own Risk and Solvency Assessment (ORSA). An ORSA is a confidential internal assessment, conducted by an insurer, of the material and relevant risks associated with the insurer's current business plan and the sufficiency of capital resources to support those risks. The measure is based on the ORSA Model Act developed by the National Association of Insurance Commissioners. The measure is effective January 1, 2015.

Outcome

Bill Has Failed

History

DateAction
01/08/2013Prefiled and ordered printed; offered 01/09/13 13101057D
01/08/2013Referred to Committee on Commerce and Labor
01/21/2013Impact statement from SCC (SB1057)
01/21/2013Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (see vote tally)