ATLANTA (March 3, 2015) | Sen. P.K. Martin (R – Lawrenceville) sponsored Senate Bill 108, requiring insurers to maintain a risk management agenda by completing an Own Risk and Solvency Assessment (ORSA). SB 108 provides guidance for filling out the ORSA Summary report with the Insurance Commissioner, and ensures the report’s confidentiality.
“I would like to thank my colleagues for their support in the passage of my first bill as a Georgia State Senator,” said Sen. Martin. “My hope is that if SB 108 is signed into law, it will provide support and guidance for larger Georgia insurers while increasing their level of accountability regarding risk management plans.”
SB 108 requires that the confidential ORSA must be completed at least once per year at the request of the Insurance Commissioner. If signed into law, SB 108 becomes 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.
SB 108 now moves on to the House of Representatives for consideration.
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For Immediate Release:
March 3, 2015
For Information Contact:
Jennifer Yarber, Director
Gavriella Coffman, Communications Associate
gavriella.coffman@senate.ga.gov
404.656.0028