Orsa reports and third-party relationships at MassMutual

Head of op risk discusses concerns about the Orsa and third parties

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Brad Hoffman, MassMutual

The own risk and solvency assessment (Orsa) in the US continues to ignite debate in the insurance sector. Following the second Orsa pilot project, the National Association of Insurance Commissioners (NAIC) issued feedback in March of this year telling US insurers that their Orsa reports need to be more transparent. At the same time, commentators have repeatedly pointed out that the Orsa guidance lacks clarity. In August 2013, Bill Spinard, the Washington-based leader of the insurance risk adv