US Orsa steams ahead

Model act receives approval from National Association of Insurance Commissioners

Tom Sullivan

The National Association of Insurance Commissioners (NAIC) in the US has approved the adoption of the Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act.

The act will require all US insurers to file an Orsa summary report with their state commissioner on an annual basis from January 1, 2015.

The vote of approval will be seen as further evidence of the increasing momentum behind the introduction of a US Orsa and the broader Solvency Modernisation Initiative (SMI), of which

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