In 2014, Colorado's insurance company holding systems law was amended to comply with the National Association of Insurance Commissioners' (NAIC) model law. Section 1 of the bill adds authority in this law from the NAIC model for the insurance commissioner to compel production of information because this authority was inadvertently omitted from the 2014 amendments.
Section 2 of the bill enacts the NAIC own risk and solvency assessment (ORSA) model law. This law requires the filing with the insurance commissioner of annual ORSA summary reports by insurers. The law requires insurers to maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks.