Ala. Code § 27-29A-2 (1975) Definitions

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-29A-2 (1975)

For purposes of this chapter, the following definitions shall apply:

(1) INSURANCE GROUP. Those insurers and affiliates included within an insurance holding company system as defined in Chapter 29.

(2) INSURER. As set forth in Section 27-1-2, except that it shall 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) NAIC. The National Association of Insurance Commissioners and its affiliates and subsidiaries.

(4) OWN RISK AND SOLVENCY ASSESSMENT or ORSA. 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 the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.