CT HB06551

Requires each domestic insurer to establish and maintain a risk management framework to identify, assess, monitor, and manage material and relevant risks, effective January 1, 2015.

Mandates domestic insurers conduct an Own Risk and Solvency Assessment (ORSA) at least annually and whenever significant changes occur to the insurer's risk profile, following procedures in the NAIC ORSA Guidance Manual.

Requires submission of ORSA Summary Reports to the Insurance Commissioner upon request (no more than once yearly) or annually if the commissioner is the lead state commissioner for the insurance group.

Exempts insurers with annual direct written and unaffiliated assumed premiums under $500 million individually and under $1 billion as part of an insurance group, though the commissioner may require compliance based on unique circumstances or troubled insurer status.

Establishes that ORSA documents are confidential and privileged, not subject to public disclosure without insurer consent, but allows the commissioner to share information with other state/federal regulators, NAIC, and third-party consultants under written confidentiality agreements.