Regulators see 'long journey' to getting Orsas right

Insurers still treating own-risk assessment too much like a compliance exercise, Nordic supervisors say


Regulators have criticised some Nordic insurers for shortcomings in risk assessments filed in the run-up to Solvency II implementation, saying it will take time for firms to grasp the principles behind this key element of the directive.

Nordic firms have been among the most advanced in Europe in their readiness for Solvency II, as local regulators had pre-implemented parts of the new regime over recent years.

However, some firms filing own risk and solvency assessments (Orsas) under preparatory