U.S.-based insurance companies have embarked on a new journey as they prepare to produce and file their first Own Risk and Solvency Assessment (ORSA) Summary Report in 2015. The filing of this report marks a key milestone of the Solvency Modernization Initiative. This is the endeavor by the National Association of Insurance Commissioners to modernize the regulatory framework used by state insurance departments to regulate the U.S. insurance industry and enhance the capability of insurance companies to weather economic storms similar to those that battered the broader financial services industry and contributed to the global financial crisis.
St. John's University teamed with Protiviti to conduct a survey of more than 100 industry executives to assess the state of readiness of insurance organizations as they continue with their preparation for their initial ORSA Summary Report, as well as to determine ORSA's impact on different areas of their risk management processes.