As the National Association of Insurance Commissioners’ (NAIC) gather for their fall national meeting, the American Insurance Association (AIA) is expressing concern over several pending regulations.
Foremost among the concerns enumerated by the AIA is the proposed Own Risk Solvency Assessment (ORSA) being crafted as part of NAIC’s solvency modernization initiative. Created to help harmonize U.S. solvency requirements with those pending in the European Union, ORSA is an internal evaluation by an insurer of its risk profile, in order to determine its ability to remain solvent under various scenarios. AIA is advocating for better utilization of the risk-focused examination process currently at hand and expresses privacy concern about wider dissemination of insurers’ confidential and proprietary information
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