Efforts by the National Association of Insurance Commissioners to reconcile U.S. solvency standards with international standards are beginning to encounter push back from insurers.

Specifically, NAIC’s proposed development of an Own Risk and Solvency Assessment (ORSA) is drawing criticism from the American Insurance Association (AIA), which is charging that it is unduly burdensome. NAIC is crafting the ORSA, an internal evaluation by an insurer of its risk profile, to comply with the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS) and also the European Union’s pending Solvency II directive.

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