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ORSA vs ORA [18]

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Bullet points include: ORSA and ORA: some similarities but also some differences. No harmonised ‘solvency’ framework for IORPs envisaged under IORP II. Different approach to harmonisation in Solvency II vs IORP II. Different roles envisaged for EIOPA (and EU Commission). EIOPA expectations for ORSAs and ORAs. EIOPA has published detailed guidance and support material for ORSAs and has some ideas in relation to ORAs. AAE assistance. For insurers: ESAP 3 (for risk management actuaries). For IORPs: draft EAN 1 (but more akin to ESAP 2, “Actuarial Function Report under Directive 2009/138/EC” than to ESAP 3)

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