While a recent survey indicates insurers see value in the Risk Management and Own Risk Solvency Assessment Model Act (ORSA), another survey shows a gap between the perception of ORSA/enterprise risk management preparedness and the actual completeness of insurers' ERM frameworks, according to PwC US's 2012 U.S. Insurance ERM & ORSA Readiness Survey.
The regulation calls for insurers to manage a comprehensive ERM framework that is embedded within company operations by January 2015, and PwC noted that some insurance departments are already asking companies for their ORSA or similar documentation as part of the review process.
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