Your ORSA Filing
Is it ready?
Described as a game-changer by regulators, the Own Risk and Solvency Assessment (ORSA) will set out an insurer's own view of the risks it faces and the capital required to address those risks in stressed environments and to deliver its strategic business plan. The ORSA was developed in response to a number of key regulatory drivers. A primary driver was the need for the U.S. state-based regulatory system to have a mechanism for assessing the risk within an insurance holding company system.
In advance of the January 1, 2015 deadline the National Association of Insurance Commissioners ORSA Subgroup has undertaken a series of ORSA pilot programs providing insurers with an opportunity to voluntarily submit their draft ORSA filing and receive regulator feedback before the ORSA goes live.
A number of insurance firms were deemed to have satisfied the Own Risk and Solvency Assessment (ORSA) requirements during the recently concluded 2013 ORSA pilot project, but not all and time is running short for remaining implementation activities. ORSAs are scheduled to be filed in 2015 and that means the groundwork should either be well underway or needs to get swiftly ramped up in 2014.
Your ORSA filing: Is it ready? highlights key themes from the Subgroup’s observations that may be helpful to insurers in developing their ORSA Summary Reports. Topics include:
- 2013 pilot results
- Summary observations
- ORSA structure
- Outstanding questions
- Updated ORSA guidance
- Some key challenges that remain
For more information, download the pdf.