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.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access