US Orsa pilot reports lack clarity - NAIC
Regulators request additional details on risk mitigating activities and capital levels
US insurers need to make their Own Risk and Solvency Assessment (Orsa) reports more transparent to state regulators, according to the National Association of Insurance Commissioners (NAIC).
The standard-setting body issued feedback to insurers following the completion of an Orsa pilot project. In its report the NAIC called for insurers to improve the structure and presentation of their Orsa submissions in order to make them easier for regulators to assess.
In particular, firms were advised to
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