Oregon Revised Statutes Chapter 732 § 732.569 — Annual

Annual enterprise risk report; contents; group capital calculation; filing deadlines and responsibility; exemptions; NAIC liquidity stress framework; requirements; rules. (1) Every insurer that must register with the Director of the Department of Consumer and Business Services under ORS 732.551 shall file an enterprise risk report each year. The enterprise risk report must identify, to the best of the insurer’s knowledge and belief, the material risks within the insurance holding company system of which the insurer is a part that could pose enterprise risk to the insurer. The insurer shall file the enterprise risk report with the chief insurance regulatory official in the state that the director determines is the lead state for the insurance holding company system of which the insurer is a part. The director shall make the determination in accordance with procedures the director adopts by rule after considering procedures set forth in a Financial Analysis Handbook that the National Association of Insurance Commissioners has adopted. (2)(a) Except as provided in paragraph (b) of this subsection, and under the direction of the chief insurance regulatory official described in subsection (1) of this section, the person that has ultimate control of an insurer that is subject to registration under ORS 732.551 each year shall file a group capital calculation with the chief insurance regulatory official, together with the registration. The chief insurance regulatory official may permit a person other than the person that has ultimate control of the insurer to file the group capital calculation. (b) An insurance holding company system need not file a group capital calculation with the chief insurance regulatory official if the insurance holding company system: (A) Has within the insurance holding company system only one insurer that writes insurance only with the insurer’s domestic state and does not assume business from any other insurer; (B) Must perform a group capital calculation specified by the United States Federal Reserve Board, except that the insurance holding company system must file a group capital calculation with the chief insurance regulatory official if the board refuses a request for the group capital calculation under the terms of an information sharing agreement in effect at the time of the chief insurance regulatory official’s request; (C) Has a group-wide supervisor that is located outside the United States but within a reciprocal jurisdiction described in ORS 731.520 that recognizes the regulatory approach of this state toward group supervision and group capital; or (D) Provides to the lead state, directly or indirectly through the group-wide supervisor, information that the group-wide supervisor: (i) Determines will meet the requirements for accreditation under the National Association of Insurance Commissioners’ financial standards and accreditation program and is sufficient to allow the lead state to comply with the group supervision approach detailed in a Financial Analysis Handbook that the National Association of Insurance Commissioners has adopted; and (ii) Recognizes and accepts, in accordance with criteria the director specifies by rule or order, as the worldwide group capital assessment for United States insurance groups that operate within the group-wide supervisor’s jurisdiction, if the group-wide supervisor is located outside the United States and not in a reciprocal jurisdiction as described in ORS 731.520. (3) Notwithstanding the provisions of subsection (2)(b)(C) and (D) of this section, the chief insurance regulatory official described in subsection (1) of this section shall require an insurance holding company system that is based outside the United States to provide a group capital calculation for the insurance holding company system’s operations within the United States if the chief insurance regulatory official determines, after any necessary consultation with other supervisors or officials, that having the group capital calculation is appropriate for the purposes of prudential oversight and monitoring the solvency of the insurance holding company system or for ensuring the competitiveness of the insurance marketplace. (4) Notwithstanding the provisions of subsection (2)(b) of this section, the chief insurance regulatory official described in subsection (1) of this section may exempt a person that has ultimate control of an insurer from the requirement to file a group capital calculation or may accept a limited group capital calculation or report in accordance with criteria the chief insurance regulatory official specifies by rule or order. (5) If the chief insurance regulatory official described in subsection (1) of this section determines that an insurance holding company system no longer qualifies for an exemption from the requirement to file a group capital calculation, the insurance holding company sy