Section 10-3-1502 - DefinitionsAs used in this part 15, unless the context otherwise requires:
(1) "Insurance group" means, for the purpose of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in section 10-3-801 (5).(2) "Insurer" has the same meaning as set forth in section 10-3-801 (6) and includes any political subdivision of the state created pursuant to article 45 of title 8, C.R.S.(3) "NAIC" or "national association of insurance commissioners" means the organization of insurance regulators from the fifty states, the District of Columbia, and the five United States territories.(4) "ORSA guidance manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA guidance manual is effective on the January 1 following the calendar year in which the change is adopted by the NAIC.(5) "ORSA summary report" means a confidential, high-level summary of an insurer's or insurance group's ORSA.(6) "Own risk and solvency assessment" or "ORSA" 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's or insurance group's current business plan and the sufficiency of capital resources to support those risks.Amended by 2023 Ch. 303,§ 8, eff. 8/7/2023.Added by 2016 Ch. 32, § 2, eff. 3/18/2016.L. 2016: Entire part added, (SB 16-029), ch. 32, p. 73, § 2, effective March 18.2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3).