KRS 304.3-600: Definitions for KRS 304.3-600 to 304.3-635 and 304.99-055.

As used in KRS 304.3-600 to 304.3-635 and 304.99-055:

(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

KRS 304.37-010;

(2) "Insurer" has the same meaning as in KRS 304.37-010;

(3) "Own Risk and Solvency Assessment" (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 th e 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;

(4) "ORSA Guidance Manual" means the current version of the Own Risk and

Solvency Asses sment Guidance Manual developed and adopted by the National

Association of Insurance Commissioners (NAIC) and as may be amended from time

to time. A change in the ORSA Guidance Manual shall be effective on January 1

following the calendar year in which the changes have been adopted by the NAIC;

and

(5) "ORSA Summary Report" means a confidential high -level summary of an insurer's

or insurance group's ORSA.