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NAIC’s Plan for Risk, Solvency Assessment Tests Gains Steam

As part of its Solvency Modernization Initiative (SMI), the National Association of Insurance Commissioners over the last 15 months has been developing requirements for all insurance companies regulated in the U.S. to conduct an Own Risk and Solvency Assessment (ORSA) and report their enterprise risk management (ERM) practices and related...

By Denise Tessier | Updated on December 01, 2011

As part of its Solvency Modernization Initiative (SMI), the National Association of Insurance Commissioners over the last 15 months has been developing requirements for all insurance companies regulated in the U.S. to conduct an Own Risk and Solvency Assessment (ORSA) and report their enterprise risk management (ERM) practices and related findings to their respective regulators.

The plan is moving forward. At the NAIC’s fall meeting in early November, an ORSA Guidance Manual outlining proposed risk-assessment and reporting guidelines was submitted by the Group Solvency Task Force to the Financial Condition Committee.

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