                                 CODE OF VIRGINIA

ORSA SUMMARY REPORT (§ 38.2-1334.6)

A. Upon the Commission&#8217;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. The report shall include a signature of the insurer or insurance
group&#8217;s chief risk officer or other executive having responsibility for
the oversight of the insurer&#8217;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&#8217;s board of
directors or the appropriate committee thereof.

C. 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.

HISTORY: 2014, c. 248.