US Orsa marches on
The US Own Risk and Solvency Assessment has reached the next stage of its development with the approval of the model act. But there are still concerns over whether the Orsa will be applied uniformly by states and how the information in the reports will be used by regulators. Thomas Whittaker reports
The approval of the Risk Management and Own Risk and Solvency Assessment Model Act by the National Association of Insurance Commissioners (NAIC) in September this year moves the US’s Own Risk and Solvency Assessment (Orsa) one step closer to implementation.
Once enacted into law by individual states, all US insurers will be required to file an Orsa summary report annually with their state commissioner from January 1, 2015. The Orsa will require insurers to undertake a self-assessment of the
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