Guidance on insurers own risk and solvency assessments. In the naic orsa guidance manual3, risk culture that supports riskbased decisions is emphasized. We agree with the revisions made in the march 2014 draft, and we believe they will provide further clarity for those developing orsa reports. General guidance the orsa should be one element of an. Described as a gamechanger by regulators, the orsa will set out a. The own risk and solvency assessment orsa shall be conducted in accordance with the standards and requirements set forth in the national association of insurance commissioners orsa guidance manual, 2014 2017 edition. Section 1description of the insurers risk management. Enterprise risk management american academy of actuaries. Orsa guidance manual provides five key principles for an. Orsa subgroup comments to the naic on its guidance manual for the own risk.
Naic own risk and solvency assessment orsa guidance manual as of. Thoughts for a board members initial reading by david a. Risk management principles and best practice standards to guide financial institutions in managing technology risk. In the iais insurance core principle 16 on enterprise risk management 4, it also talks about embedding risk culture in the company. Jerbi, the academys a american academy of actuaries. The following summarizes the most significant changes since the march 20 edition. All insurers to complete their first orsa by december 31, 2014. Provides guidance to insurersgroups for reporting on orsa. Users of the naic own risk and solvency assessment orsa guidance manual. Own risk and solvency assessment orsa presentations to occa nov.
Naic own risk solvency assessment orsa guidance manual as of march 2014, page 6. The following summarizes the most significant changes since the july 2014 edition. Assessment orsa guidance manual as of july 2014 not for reprint. The orsa guidance manual, updated in march 20, provides instruction for the contents and completion of the orsa document. This edition of the naic own risk and solvency assessment orsa guidance manual has been revised from the previous edition. As the process and results are likely to include proprietary information, any report received by the regulators shall be held confidential as provided by state statutes. On behalf of the american academy of actuaries1 orsa subgroup, i appreciate the opportunity to provide comments on the march 2014 draft, guidance manual for the own risk and solvency assessment orsa.