In the current and evolving world of insurance regulation, things are changing faster than ever. The National Association of Insurance Commissioners (NAIC) continues to issue guidance through its various working groups that places more and more emphasis on risk management and solvency. With this focus, the NAIC is helping to create a higher level of certainty in insurers’ ongoing solvency and balancing of risk to ensure future stability in the insurance market.
Earlier this year, Protiviti issued a whitepaper describing the requirements of Own Risk and Solvency Assessment (ORSA). In this paper, we provide an overview of the key changes and new regulations coming out of the latest NAIC working groups. Topics include:
- ORSA and the Solvency Modernization Initiative (SMI) Task Force
- Risk Management and ORSA Model Act
- Questions and Concerns among Insurers – Confidentiality and Operational Risk Management