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The requirement to regularly conduct an Own Risk and Solvency Assessment (ORSA) is the single most important regulatory reform the U.S. insurance industry has seen in years. Insurers will need to implement an enterprise risk management framework, quantify capital requirements for all material risks, forecast their solvency position, and prepare for annual reporting to regulators.
Sometime in 2015, the first American insurer will file with its domestic regulator the first ever Own Risk and Solvency Assessment (ORSA) Summary Report to be formally filed in the United States. The ORSA, an integrated framework using several tools to give a forward-looking vision of the risk and solvency position of an insurer, represents a sea change in insurance regulation in the United States, regulators say.
For insurers, this may mean an era of new flexibility and customized risk assessment. But as with any change, there are expected to be associated costs, and those companies that adapt to and adopt the ORSA best and most efficiently may be able to gain a lasting advantage over their peers.
This issue of Forward Focus features the following:
To learn more about ORSA please contact our ERS team:
441 299 1370
Actuarial, Risk & Analytics Partner
441 299 1323
441 299 1393