{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.6.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.6.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.6.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.6.html"}],"law_id":67644,"edition_id":1,"section_id":67644,"structure_id":15677,"section_number":"38.2-1334.6","catch_line":"ORSA summary report","history":"2014, c. 248.","full_text":"A\n\nUpon the Commission’s request, and no more than once each year, an insurer shall submit to the Commission an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer or the insurance group of which it is a member, or both. The first filing of an ORSA summary report shall be made in 2015. Notwithstanding any request from the Commission, if the insurer is a member of an insurance group, the insurer shall submit any report required by this subsection if the Commission is the lead state of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.B\n\nThe report 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 belief and knowledge that the insurer has applied 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\n\nAn insurer may comply with subsection A by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the 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.","order_by":null,"text":{"0":{"id":245064,"text":"Upon the Commission’s request, and no more than once each year, an insurer shall submit to the Commission an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer or the insurance group of which it is a member, or both. The first filing of an ORSA summary report shall be made in 2015. Notwithstanding any request from the Commission, if the insurer is a member of an insurance group, the insurer shall submit any report required by this subsection if the Commission is the lead state of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":245065,"text":"The report 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 belief and knowledge that the insurer has applied 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":245066,"text":"An insurer may comply with subsection A by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the 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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15677,"edition_id":1,"name":"Risk Management Framework; Own Risk and Solvency Assessments","identifier":"5.1","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:57:45","date_modified":"2026-06-26 03:57:45","permalink":{"id":211695,"object_type":"structure","relational_id":15677,"identifier":"5.1","token":"38.2\/13\/5.1","url":"\/38.2\/13\/5.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61110,"structure_id":15677,"section_number":"38.2-1334.10","catch_line":"Sanctions","url":"\/38.2-1334.10\/","token":"38.2\/13\/5.1\/38.2-1334.10","metadata":false},{"id":66267,"structure_id":15677,"section_number":"38.2-1334.3","catch_line":"Definitions","url":"\/38.2-1334.3\/","token":"38.2\/13\/5.1\/38.2-1334.3","metadata":false},{"id":59999,"structure_id":15677,"section_number":"38.2-1334.4","catch_line":"Risk management framework","url":"\/38.2-1334.4\/","token":"38.2\/13\/5.1\/38.2-1334.4","metadata":false},{"id":73335,"structure_id":15677,"section_number":"38.2-1334.5","catch_line":"ORSA requirement","url":"\/38.2-1334.5\/","token":"38.2\/13\/5.1\/38.2-1334.5","metadata":false},{"id":67644,"structure_id":15677,"section_number":"38.2-1334.6","catch_line":"ORSA summary report","url":"\/38.2-1334.6\/","token":"38.2\/13\/5.1\/38.2-1334.6","metadata":false},{"id":74724,"structure_id":15677,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","url":"\/38.2-1334.7\/","token":"38.2\/13\/5.1\/38.2-1334.7","metadata":false},{"id":69564,"structure_id":15677,"section_number":"38.2-1334.8","catch_line":"Contents of ORSA summary report","url":"\/38.2-1334.8\/","token":"38.2\/13\/5.1\/38.2-1334.8","metadata":false},{"id":85477,"structure_id":15677,"section_number":"38.2-1334.9","catch_line":"Confidentiality","url":"\/38.2-1334.9\/","token":"38.2\/13\/5.1\/38.2-1334.9","metadata":false}],"previous_section":{"id":73335,"structure_id":15677,"section_number":"38.2-1334.5","catch_line":"ORSA requirement","url":"\/38.2-1334.5\/","token":"38.2\/13\/5.1\/38.2-1334.5","metadata":false},"next_section":{"id":74724,"structure_id":15677,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","url":"\/38.2-1334.7\/","token":"38.2\/13\/5.1\/38.2-1334.7","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.6\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 248<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":74724,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","order_by":null,"url":"\/38.2-1334.7\/"}],"refers_to":false,"permalink":{"id":211713,"object_type":"law","relational_id":67644,"identifier":"38.2-1334.6","token":"38.2\/13\/5.1\/38.2-1334.6","url":"\/38.2-1334.6\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.6\/","token":"38.2\/13\/5.1\/38.2-1334.6","dublin_core":{"Title":"ORSA summary report","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.6","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Upon the Commission<\/span>’s request, and no more than once each year, an insurer<\/span> shall submit to the Commission<\/span> an ORSA summary report<\/span> or any combination of reports that together contain the information described in the ORSA Guidance Manual<\/span>, applicable to the insurer<\/span> or the insurance group<\/span> of which it is a member, or both. The first filing of an ORSA summary report<\/span> shall be made in 2015. Notwithstanding any request from the Commission<\/span>, if the insurer<\/span> is a member of an insurance group<\/span>, the insurer<\/span> shall submit any report required by this subsection if the Commission<\/span> is the lead state<\/span> of the insurance group<\/span> as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The report shall include a signature of the insurer<\/span> or insurance group<\/span>’s chief risk officer or other executive having responsibility for the oversight of the insurer<\/span>’s enterprise risk management process attesting to the best of his belief and knowledge that the insurer<\/span> has applied the enterprise risk management process described in the ORSA summary report<\/span> and that a copy of the report has been provided to the insurer<\/span>’s board of directors or the appropriate committee thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An insurer<\/span> may comply with subsection A by providing the most recent and substantially similar report provided by the insurer<\/span> or another member of an insurance group<\/span> of which the insurer<\/span> is a member to the commissioner<\/span> of another state<\/span> or to a supervisor or regulator of a foreign jurisdiction<\/span>, if that report provides information that is comparable to the information described in the ORSA Guidance Manual<\/span>. Any such report in a language other than English must be accompanied by a translation of that report into the English language. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nORSA SUMMARY REPORT (\u00a7 38.2-1334.6)\n\nA. Upon the Commission’s request, and no more than once each year, an\ninsurer shall submit to the Commission an ORSA summary report or any combination\nof reports that together contain the information described in the ORSA Guidance\nManual, applicable to the insurer or the insurance group of which it is a\nmember, or both. The first filing of an ORSA summary report shall be made in\n2015. Notwithstanding any request from the Commission, if the insurer is a\nmember of an insurance group, the insurer shall submit any report required by\nthis subsection if the Commission is the lead state of the insurance group as\ndetermined by the procedures within the Financial Analysis Handbook adopted by\nthe NAIC.\n\nB. The report shall include a signature of the insurer or insurance\ngroup’s chief risk officer or other executive having responsibility for\nthe oversight of the insurer’s enterprise risk management process\nattesting to the best of his belief and knowledge that the insurer has applied\nthe enterprise risk management process described in the ORSA summary report and\nthat a copy of the report has been provided to the insurer’s board of\ndirectors or the appropriate committee thereof.\n\nC. An insurer may comply with subsection A by providing the most recent and\nsubstantially similar report provided by the insurer or another member of an\ninsurance group of which the insurer is a member to the commissioner of another\nstate or to a supervisor or regulator of a foreign jurisdiction, if that report\nprovides information that is comparable to the information described in the ORSA\nGuidance Manual. Any such report in a language other than English must be\naccompanied by a translation of that report into the English language.\n\nHISTORY: 2014, c. 248.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}