Forward Focus: The Own Risk and Solvency Assessment (ORSA)
A regulatory guidepost to the future
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:
- The Own Risk and Solvency Assessment (ORSA), in brief
- Getting started
- Early feedback
- What should be in the ORSA report?
- Implementing the ORSA
- Operational considerations
- The road ahead
For more information, download the PDF.