                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-1334.3)

As used in this article, unless the context requires a different meaning:
		&#8220;Insurance group&#8221; means those insurers and affiliates included
within an insurance holding company system as defined in § 38.2-1322.
		&#8220;Insurer&#8221; means an insurance company as defined in § 38.2-100,
except that &#8220;insurer&#8221; shall not include agencies, authorities, or
instrumentalities of the United States, its possessions and territories, the
Commonwealth of Puerto Rico, the District of Columbia, or a state or political
subdivision of a state.
		&#8220;NAIC&#8221; means the National Association of Insurance Commissioners.
		&#8220;ORSA Guidance Manual&#8221; means the current version of the NAIC Own
Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the
NAIC and as amended from time to time. A change in the ORSA Guidance Manual
shall be effective on the January 1 following the calendar year in which the
changes have been adopted by the NAIC.
		&#8220;ORSA summary report&#8221; means a confidential high-level summary of
an insurer or insurance group&#8217;s ORSA.
		&#8220;Own Risk and Solvency Assessment&#8221; or &#8220;ORSA&#8221; means a
confidential internal assessment, appropriate to the nature, scale, and
complexity of an insurer or insurance group, conducted by that insurer or
insurance group, of the material and relevant risks associated with the insurer
or insurance group&#8217;s current business plan, and the sufficiency of capital
resources to support those risks.

HISTORY: 2014, c. 248.