§ 522.5

522.5 Own risk and solvency assessment summary report. 1. a. Beginning in 2015, an insurer shall annually submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that togethercontain the information described in the own risk and solvency assessment guidance manualthat is applicable to the insurer or the insurance group of which the insurer is a member. b. If the insurer is a member of an insurance group, the insurer shall submit the report or reports required by this section to the state commissioner that is the lead state commissionerof the insurance group of which the insurer is a member, as determined by the procedurescontained in the financial analysis handbook adopted by the national association of insurancecommissioners. c. The own risk and solvency assessment summary report shall be filed after the insurer or the insurance group of which the insurer is a member conducts the insurer’s orinsurance group’s strategic planning process. The insurer or insurance group shall notifythe commissioner as to the date that the summary report will be filed. 2.

is a member conducts the insurer’s orinsurance group’s strategic planning process. The insurer or insurance group shall notifythe commissioner as to the date that the summary report will be filed. 2. The own risk and solvency assessment summary report shall include the signature of the insurer’s or insurance group’s chief risk officer or another executive having responsibilityfor the oversight of the insurer’s enterprise risk management process, attesting that to thebest of that person’s belief and knowledge the insurer applies the enterprise risk managementprocess described in the summary report and that a copy of the summary report has beenprovided to the insurer’s or insurance group’s board of directors or the appropriate committeeof that board. 3. An insurer may comply with subsection 1 by submitting the most recent and substantially similar report provided by the insurer or another member of the insurancegroup of which the insurer is a member to the commissioner of insurance of another stateor to a supervisor or regulator of a foreign jurisdiction, if that report provides informationthat is comparable to the information described in the own risk and solvency

of insurance of another stateor to a supervisor or regulator of a foreign jurisdiction, if that report provides informationthat is comparable to the information described in the own risk and solvency assessmentguidance manual. Any such report that is submitted in a language other than English mustbe accompanied by a translation of that report into the English language. 2013 Acts, ch 40, §5, 11Referred to in §522.6, 522.9 Sat Dec 23 00:53:51 2023 Iowa Code 2024, Section 522.5 (14, 0)