CA AB584

Requires all California-domiciled insurers to maintain a risk management framework and conduct an Own Risk and Solvency Assessment (ORSA) annually, effective January 1, 2015.

Mandates insurers submit an ORSA Summary Report to the Insurance Commissioner upon request, no more than once per year, with signature from the chief risk officer attesting to the enterprise risk management process.

Exempts insurers with less than $500 million in annual direct written and unaffiliated assumed premiums if their insurance group has less than $1 billion in such premiums.

Declares ORSA Summary Reports and related documents confidential and proprietary, exempt from public disclosure under the California Public Records Act and not subject to subpoena or discovery in civil actions.

Subjects insurers that fail without just cause to timely file the ORSA Summary Report to late filing fees as specified in existing law.