Ind. Code § 27-1-23.5-1 Application of chapter
Sec. 1. This chapter applies beginning January 1, 2015.
As added by P.L.129-2014, SEC.8.
Ind. Code ch. 27-1-23.5
Ind. Code ch. 27-1-23.5
in effectInd. Code § 27-1-23.5-2 Definitions
Sec. 2. Except as otherwise provided in this chapter, the definitions in IC 27-1-23 apply throughout this chapter.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-3 "Insurance group"
Sec. 3. As used in this chapter, "insurance group", for purposes of conducting an ORSA, means insurers and affiliates of an insurance holding company system (as defined in IC 27-1-23-1).
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-4 "Insurer"
Sec. 4. As used in this chapter, "insurer" has the same meaning as set forth in IC 27-1-2-3, except that the term:
(1) refers only to domestic insurers (as defined in IC 27-1-36-8); and
(2) does not include agencies, authorities, or instrumentalities of the United States, possessions and territories of the United States, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-5 "ORSA"
Sec. 5. As used in this chapter, "ORSA" or "own risk and solvency assessment" means a confidential internal assessment:
(1) that is:
(A) appropriate to the nature, scale, and complexity of; and
(B) conducted by;
an insurer or insurance group; and
(2) of the:
(A) material and relevant risks associated with the insurer or insurance group's current business plan; and
(B) sufficiency of capital resources to support the risks described in clause (A).
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-6 Repealed
As added by P.L.129-2014, SEC.8. Repealed by P.L.124-2018, SEC.43.
Ind. Code § 27-1-23.5-7 "ORSA summary report"
Sec. 7. As used in this chapter, "ORSA summary report" means a confidential, high level summary of an insurer or insurance group's ORSA.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-8 Risk management framework
Sec. 8. (a) An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting concerning the insurer's material and relevant risks.
(b) If an insurance group of which an insurer is a member maintains a risk management framework described in subsection (a) that applies to the operations of the insurer, the insurer is considered to be in compliance with subsection (a).
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-9 Conducting an ORSA
Sec. 9. Subject to section 11 of this chapter, an:
(1) insurer; or
(2) insurance group of which an insurer is a member;
shall, at any time when significant changes occur to the risk profile of the insurer or insurance group and at least one (1) time per year, conduct an ORSA in a manner consistent with the ORSA guidance manual.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-10 ORSA reports; requirements
Sec. 10. (a) Upon the request of the commissioner, and not more than one (1) time per year, an insurer shall submit to the commissioner:
(1) an ORSA summary report; or
(2) a combination of reports that together contain the information described in the ORSA Manual;
applicable to the insurer or insurance group of which the insurer is a member.
(b) Regardless of a request from the commissioner, if the commissioner is the lead state commissioner of an insurance group of which an insurer is a member (as determined by the procedures in the Financial Analysis Handbook), the insurer shall submit a report described in subsection (a) at least one (1) time per year.
(c) A report required by this section must include a signature of the insurer's or insurance group's chief risk officer, or another executive who has responsibility for the oversight of the insurer's enterprise risk management process, attesting that:
(1) to the best of the officer's or executive's belief and knowledge the insurer applies the enterprise risk management process described in the ORSA summary report; and
(2) a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the insurer's board of directors.
(d) If an insurer or another member of an insurance group of which the insurer is a member submits to the commissioner the most recent report that:
(1) was provided to the:
(A) commissioner of another state; or
(B) regulatory authority of an alien jurisdiction;
(2) is substantially similar to an ORSA summary report; and
(3) contains information that is comparable to the information described in the ORSA Manual;
the insurer is considered to have satisfied the requirements of this section.
(e) If a report described in subsection (d) is completed in a language other than English, a translation of the report into the English language must be submitted with the report.
As added by P.L.129-2014, SEC.8. Amended by P.L.124-2018, SEC.44.
Ind. Code § 27-1-23.5-11 Exemptions
Sec. 11. (a) Except as otherwise provided in this section, an insurer is exempt from the requirements of this chapter if:
(1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of less than five hundred million dollars ($500,000,000); and
(2) the insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of less than one billion dollars ($1,000,000,000).
(b) If:
(1) an insurer qualifies under subsection (a)(1) for exemption from the requirements of this chapter; and
(2) the insurance group of which the insurer is a member does not qualify for exemption under subsection (a)(2);
an ORSA summary report required by section 10 of this chapter must include every insurer that is a member of the insurance group.
(c) If:
(1) an insurance group described in subsection (b) submits more than one (1) ORSA summary report for a combination of insurers; and
(2) the combination of ORSA summary reports submitted as described in subdivision (1) includes every insurer that is a member of the insurance group;
the insurance group is considered to be in compliance with subsection (b).
(d) If:
(1) an insurer does not qualify under subsection (a)(1) for exemption from the requirements of this chapter; and
(2) the insurance group of which the insurer is a member qualifies for exemption under subsection (a)(2);
the only ORSA summary report that is required under section 10 of this chapter is the report that applies to the insurer.
(e) An insurer that does not qualify under subsection (a) for exemption from the requirements of this chapter may apply to the commissioner for a waiver from the requirements of this chapter based on unique circumstances. In deciding whether to grant an insurer's request for a waiver, the commissioner:
(1) may consider the type and volume of business written, ownership and organizational structure, and any other factor the commissioner considers relevant to the insurer or insurance group of which the insurer is a member; and
(2) shall, if the insurer is part of an insurance group with insurers domiciled in more than one (1) state, coordinate with the:
(A) lead state commissioner of the insurance group (as determined by the procedures in the Financial Analysis Handbook); and
(B) other domiciliary commissioners;
in considering whether to grant the insurer's request for a waiver.
(f) The commissioner may, regardless of an insurer's qualification under this section for exemption from the requirements of this chapter, require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report if one (1) of the following applies:
(1) If unique circumstances exist, as determined by the commissioner, including the following:
(A) The type and volume of business written by the insurer.
(B) The insurer's ownership and organizational structure.
(C) The request of a federal agency.
(D) The request of an international supervisor.
(2) If the insurer:
(A) has authorized control level RBC for a company action level event under IC 27-1-36;
(B) meets at least one (1) of the standards of an insurer considered to be in hazardous financial condition according to rules adopted by the department under IC 27-1-3-7; or
(C) exhibits other qualities of a troubled insurer, as determined by the commissioner.
(g) If an insurer ceases to qualify for an exemption under this section due to changes in premium, as reflected in:
(1) the insurer's most recent annual statement; or
(2) the most recent annual statements of the insurers that are members of the insurance group of which the insurer is a member;
the insurer must meet the requirements of this chapter not later than one (1) year after the date on which the premium change occurs.
As added by P.L.129-2014, SEC.8. Amended by P.L.124-2018, SEC.45.
Ind. Code § 27-1-23.5-12 ORSA summary report preparation, review
Sec. 12. (a) Except as provided in subsection (b), an ORSA summary report must be prepared in a manner consistent with the ORSA guidance manual. Documentation and supporting information must be maintained and made available upon examination or request of the commissioner.
(b) The commissioner's review of an ORSA summary report, and any requests for additional information, must be made in a manner similar to the procedures used by the commissioner in the analysis and examination of multistate or global insurers and insurance groups.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-13 Documents, materials, other information
Sec. 13. (a) Documents, materials, and other information related to an ORSA, including an ORSA summary report, in the possession of or control of the department that are obtained by, created by, or disclosed to the commissioner or another person under this chapter, are:
(1) considered to be proprietary and contain trade secrets;
(2) confidential and privileged;
(3) not subject to subpoena; and
(4) not subject to discovery or admissible in evidence in a private civil action.
(b) The commissioner may:
(1) use the documents, materials, and other information described in subsection (a) in relation to a regulatory or legal action brought as part of the commissioner's duties; and
(2) otherwise make the documents, materials, and other information public only with the prior written consent of the insurer or insurance group.
(c) The commissioner, and any other person:
(1) who receives documents, materials, or other information related to an ORSA while acting under the authority of the commissioner; or
(2) with whom the documents, materials, or other information are shared;
under this chapter is not permitted or required to testify in a private civil action concerning any documents, materials, or other information described in subsection (a).
(d) The commissioner may do the following:
(1) Upon request, share all documents, materials, and other information described in subsection (a) with the following if the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information:
(A) Other state, federal, and international financial regulatory agencies.
(B) The NAIC.
(C) Members of a supervisory college.
(D) A third party consultant designated by the commissioner.
(2) Receive documents, materials, and other information described in subsection (a) from:
(A) regulatory officials of domestic or foreign jurisdictions;
(B) members of a supervisory college; and
(C) the NAIC;
if the commissioner maintains the confidential or privileged status of the documents, materials, and other information that are received with notice or the understanding that the documents, materials, and other information are confidential or privileged under the laws of the jurisdiction that is the source of the documents, materials, and other information.
(e) The commissioner shall enter into a written agreement with the NAIC or a third party consultant governing sharing and use of information provided under this chapter, including the following:
(1) Procedures and protocols concerning the confidentiality and security of information shared:
(A) with the NAIC or a third party consultant under this chapter; and
(B) by the NAIC with regulators of other states in which insurers that are members of an insurance group are domiciled.
(2) A statement that the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information.
(3) A statement that, with respect to information shared with the NAIC or a third party consultant under this chapter:
(A) the commissioner maintains ownership of the information; and
(B) the use of the information is subject to the direction of the commissioner.
(4) A statement that the NAIC or a third party consultant may not store information shared under this chapter in a permanent data base after the underlying analysis is completed.
(5) A requirement that, if confidential information of an insurer that is in the possession of the NAIC or a third party consultant under this chapter is subject to a request or subpoena to the NAIC or third party consultant for production or disclosure, the NAIC or a third party consultant will provide prompt notice to the insurer.
(6) A requirement that the NAIC or a third party consultant will allow intervention by an insurer in a judicial or administrative action under which the NAIC or third party consultant may be required to disclose confidential information concerning the insurer that has been shared with the NAIC or third party consultant under this chapter.
(7) If the written agreement is with a third party consultant, a statement that the insurer's written consent is required for the sharing of the information with the third party consultant.
(f) The sharing of information by the commissioner under this chapter is not a delegation of regulatory authority. The commissioner is solely responsible for the administration, implementation, and enforcement of this chapter.
(g) Disclosure to or sharing by the commissioner of documents, materials, or other information under this chapter is not a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or other information.
(h) Documents, materials, and other information in the possession or control of the NAIC or a third party consultant under this chapter are:
(1) confidential and privileged;
(2) not subject to subpoena; and
(3) not discoverable or admissible in evidence in a private civil action.
As added by P.L.129-2014, SEC.8.
Ind. Code § 27-1-23.5-14 Civil penalties
Sec. 14. (a) An insurer that fails, without just cause (as determined by the commissioner), to timely file an ORSA summary report as required by this chapter shall, after notice and hearing under IC 4-21.5, pay a civil penalty of one hundred dollars ($100) for each day of noncompliance, not to exceed ten thousand dollars ($10,000).
(b) The commissioner may reduce a penalty imposed under subsection (a) if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
(c) A civil penalty collected under this section shall be deposited in the department of insurance fund established by IC 27-1-3-28.
As added by P.L.129-2014, SEC.8.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/27Fetched: 10/17/2026