ATLANTA (May 6, 2015) | Sen. P.K. Martin (R – Lawrenceville) joined Gov. Nathan Deal Tuesday for the signing of Senate Bill 108 into law. SB 108 requires insurers to maintain a risk management agenda by completing an Own Risk and Solvency Assessment (ORSA), and provides guidance for filling out the ORSA Summary report with the Insurance Commissioner. This measure ensures the report’s confidentiality.
“The signing of SB 108 will provide support and guidance for larger Georgia insurers while holding them accountable for risk management planning,” said Sen. Martin. “I am thankful for Governor Deal and my colleague’s support on this bill and look forward to working toward creating and passing legislation that will protect and keep the best interests of Georgians.”
SB 108 requires that the confidential ORSA must be completed at least once per year at the request of the Insurance Commissioner. SB 108 will become effective on July 1, 2015 and the first ORSA Summary Report filing must be made in 2015. There are exemptions to SB 108 regarding annual direct written and unaffiliated assumed premiums.
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For Immediate Release:
May 6, 2015
For Information Contact:
Jennifer Yarber, Director
Gavriella Coffman, Communications Associate