Amends and adds to existing law to provide that insurers and insurance groups shall conduct an own risk and solvency assessment (ORSA), to provide for a summary report of the assessment; and to exempt certain documents from the Public Records Act.

ThislegislationisbasedontheNationalAssociationofInsuranceCommissioners(NAIC)RiskManagement and Own Risk Solvency Assessment Model Act (#505), which followed the 2008 recession. The goal is to have insurance companies or insurance holding company groups identify enterprise-wide risks that are relevantandmaterialandreportthoserisksonceayeartotheDepartmentofInsuranceonaconfidentialbasis. This ORSA model act will provide guidance and instructions to domiciled insurers for filing a confidential ORSAsummaryreportwiththedirector. Itishelpfultobothinsurancecompaniesandtheirregulatortohave companiesperformaregularassessmentoftheirownrisksandfilethatsummaryreportwiththedepartment. This model law will also be required for accreditation of the Idaho Department of Insurance by the NAIC. Accreditation is important to maintain for consistent, streamlined, and fair regulation of insurers.