ORSA: Getting Ready for the 2015 Summary Report

Skills and Scale
ORSA: Getting Ready for the 2015 Summary Report

In 2015, the first Own Risk and Solvency Assessment (ORSA) Summary Report will be officially filed in the United States by U.S.-domiciled state-regulated companies. The first ORSA filing will be a climactic point of the Solvency Modernization Initiative (SMI) — the endeavor by the National Association of Insurance Commissioners to create a regulatory framework able to weather economic storms similar to those that battered the U.S. financial services industry and contributed to the global financial crisis. 

ORSA was developed as a process of solvency regulation that allows regulators to look through the front window and see how insurers identify, assess, monitor and manage risk, as opposed to looking wistfully in the rearview mirror at events that have already occurred. ORSA is, by its nature, forward-looking; its intent is to link risk regulation to the future strategy of an organization, rather than only applying scrutiny during an exam or other inquiry.

 

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