Come 2015, insurers will need to file Own Risk and Solvency Assessment (ORSA) Summary Reports, and the National Association of Insurance Commissioners (NAIC) is taking pains to prepare insurers by providing specific feedback and guidelines well in advance to the 2015 deadlines. A new report from Deloitte relates best practices as well as results from an ORSA pilot program conducted by the NAIC in a new report, titled “The Own Risk and Solvency Assessment: A regulatory guidepost to the future.”
ORSA will represent a major step in solvency regulation modernization as outlined by the International Association of Insurance Supervisors (IAIS), which ostensibly assigned these reports to insurers with the governance of ERM in Insurance Core Principle 16. The report paraphrases Pennsylvania Deputy Insurance Commissioner Steve Johnson as saying this may well be considered one of the most significant events in insurance regulation in general, and ERM in particular, in recent decades.
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