A panel of experts discuss the requirements of the Risk Management Own Risk and Solvency Assessment Model Act and how insurers can effectively prepare for it
Most US insurers will be affected by new regulations requiring them to put in place an Own Risk and Solvency Assessment (Orsa) and submit an Orsa summary report each year. This new regulatory framework is expected to be effective from 2015.
Meeting these requirements is challenging and the insurance industry has a number of concerns about the proposals.
In this webinar a panel of industry experts discuss the requirements and implications of the Risk Management Own Risk and Solvency Assessment Model Act,and how insurers can effectively respond to it.
Issues explored include:
• The key findings of an IBM benchmarking study of US insurers to assess their state of readiness for the model act
• What the requirements mean for US insurers and the likely challenges they will face
• The practical lessons and best practices that can be drawn from the experience of European insurers dealing with the Orsa under Solvency II
• The implications of the Orsa from a rating agency perspective and how enterprise risk management practices are likely to evolve
The panel comprises:
Sean Burtt, senior actuary for buy-side products, Risk Analytics, IBM
Phillip Carson, associate general counsel and director of financial regulatory policy, American Insurance Association
Curt Burmeister, head of buy-side products, Risk Analytics, IBM
Sridhar Manyem, director, ERM, Standard & Poor's
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