NC S295

Establishes requirements for North Carolina insurers to maintain a risk management framework and conduct annual Own Risk and Solvency Assessments (ORSA) consistent with the National Association of Insurance Commissioners (NAIC) model.

Requires insurers meeting certain criteria to submit ORSA Summary Reports to the Insurance Commissioner, including those serving as lead state commissioner for insurance groups or upon the Commissioner's request.

Exempts insurers with less than $500 million in annual direct written and unaffiliated assumed premium, provided their insurance group has less than $1 billion in such premium; the Commissioner may require reporting from exempt insurers under special circumstances.

Designates ORSA Summary Reports and related documents as confidential and privileged, not subject to public disclosure or discovery in private civil actions, while allowing the Commissioner to share information with other regulators and the NAIC under written confidentiality agreements.

Imposes civil penalties of $100 per day (up to $1,000 maximum) for insurers failing without justification to file required ORSA Summary Reports; effective January 1, 2018.