By now you have probably heard about the pending new Own Risk and Solvency Assessment (ORSA) that's making its way through the National Assn. of Insurance Commissioners' process.
ORSA is a departure from the traditional box-checking, number-crunching approach to most regulatory requirements. It is an enterprise risk management approach to regulation that captures information that companies are already producing for internal purposes. This new filing will be required only for companies with more than $500 million in direct written premium.
ORSA represents a shift in both the substance and timing of a regulatory filing. Where most information now required is backward looking—financial results and annual statement information from last year—ORSA will require risk models, business plan information and growth initiatives for the coming year.
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