The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
In this article, unless the context other requires:
1. "Insurance group" means for the purposes of conducting an ORSA those insurers and affiliates that are included within an insurance holding company system as defined in section 20-481.
2. "Insurer":
(a) Means every person engaged in the business of making contracts of insurance.
(b) Does 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.
3. "ORSA guidance manual" means the own risk and solvency assessment guidance manual that is developed and adopted by the national association of insurance commissioners.
4. "ORSA summary report" means a confidential high-level ORSA summary of an insurer or insurance group.
5. "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, that is 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.