CT SB00194

Requires domestic insurers to establish and maintain a risk management framework to identify, assess, monitor, manage and report on material and relevant risks.

Mandates domestic insurers conduct annual Own Risk and Solvency Assessments (ORSA) consistent with the NAIC ORSA Guidance Manual, or more frequently if significant changes occur to risk profile.

Requires insurers to submit ORSA Summary Reports to the Insurance Commissioner upon request (not more than once yearly), or annually if the commissioner is the lead state regulator for the insurance group.

Exempts insurers with annual direct written and unaffiliated assumed premiums under $500 million if their insurance group has under $1 billion in such premiums, though the commissioner may require compliance based on unique circumstances or financial condition.

Establishes ORSA Summary Reports and related documents as confidential and privileged, not subject to public disclosure or discovery, with a civil penalty of up to $1,000 per day for failure to timely file without just cause.