New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter A - Rules of General Application
Part 82 - Enterprise Risk Management And Own Risk And Solvency Assessment
Section 82.1 - Definitions

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 82.1

Current through Register Vol. 46, No. 39, September 25, 2024

As used in this Part, the following terms shall have the meaning ascribed to them:

(a) Article 16 system means an authorized domestic insurer registered or required to register under Insurance Law article 16 and all of the insurer's subsidiaries.

(b) Article 17 system means a parent corporation registered or required to register under Insurance Law article 17 and all of the parent corporation's subsidiaries.

(c) Domestic insurer means an insurer domiciled in this State, including a United States branch of an alien insurer entered through this State.

(d) Enterprise risk shall:

(1) with respect to a holding company system, article 16 system, or article 17 system, have the meaning, as the circumstances or context may require, set forth in Insurance Law section 1501(a)(7), 1604(b)(2), or 1702(f); and

(2) with respect to an insurer that is not a member of a holding company system, an article 16 system, or an article 17 system, mean any activity, circumstance, event, or series of events involving the insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer, including anything that would cause the insurer's risk-based capital to fall into company action level as set forth in Insurance Law section 1322 or 1324, or that would cause further transaction of business to be hazardous to the insurer's policyholders or creditors or the public.

(e) Entity means an ultimate holding company that directly or indirectly controls an insurer or an insurer registered or required to register under Insurance Law article 16 or 17.

(f) Group capital calculation instructions shall have the meanings set forth in Insurance Law sections 1501(a)(8), 1604(f)(1), and 1702(g).

(g) Group-wide supervisor means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities.

(h) Holding company shall have the meaning set forth in Insurance Law section 1501(a)(3).

(i) Holding company system shall have the meaning set forth in Insurance Law section 1501(a)(6).

(j) Insurer means an insurer authorized to do an insurance business in this State, including a domestic corporation organized pursuant to Insurance Law article 43 and a domestic retirement system subject to Insurance Law article 46 that has registered or is required to register under Insurance Law article 17.

(k) Internationally active insurance group or IAIG means a holding company system, article 16 system, or article 17 system that includes an insurer registered under Insurance Law sections 1503, 1604, or 1717 and meets the following criteria:

(1) has premiums written in at least three countries;

(2) the percentage of gross premiums written outside the United States is at least 10 percent of the holding company system's, article 16 system's, or article 17 system's total gross written premiums; and

(3) based on a three-year rolling average, the total assets of the holding company system, article 16 system, or article 17 system are at least $50 billion or the total gross written premiums of the holding company system, article 16 system, or article 17 system are at least $10 billion.

(l) NAIC shall have the meanings set forth in Insurance Law sections 1501(a)(9), 1604(f)(2), and 1702(h).

(m) Own risk and solvency assessment or ORSA means an internal assessment, appropriate to the nature, scale, and complexity of an insurer, a holding company system, an article 16 system, or an article 17 system, conducted by that insurer, holding company system, article 16 system, or article 17 system, of the material and relevant risks associated with the insurer's, holding company system's, article 16 system's, or article 17 system's current business plan, and of the sufficiency of capital resources to support those risks.

(n) ORSA guidance manual means the current version of the own risk and solvency assessment guidance manual developed and adopted by the National Association of Insurance Commissioners.

(o) ORSA summary report means a confidential, high-level summary of an insurer's, holding company system's, article 16 system's, or article 17 system's ORSA.

(p) Parent corporation shall have the meaning set forth in Insurance Law section 1702(b).

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