/

Nematrian Reference Library

[this page | back links]

Set out below is information (held by the Nematrian website) on the reference you have selected

Introduction "The purpose of this Manual is to provide guidance to an insurer and/or an insurance group of which the insurer is a member (herein referred to as “insurer” or “insurers”) with regard to reporting on its Own Risk and Solvency Assessment (ORSA) [as required by the domestic state’s version of the NAIC Risk Management and Own Risk and Solvency Assessment Model Act(#505)]. The ORSA, which is a component of an insurer’s enterprise risk management (ERM) framework, is a confidential internal assessment appropriate to the nature, scale and complexity of an insurer conducted by that insurer of the material and relevant risks identified by the insurer associated with an insurer’s current business plan and the sufficiency of capital resources to support those risks. As described below, an insurer that is subject to the ORSA requirements will be expected to: (1) Regularly, no less than annually, conduct an ORSA to assess the adequacy of its risk management framework, and current and estimated projected future solvency position; (2) Internally document the process and results of the assessment; and (3) Provide a confidential high-level ORSA Summary Report annually to the lead state commissioner if the insurer is a member of an insurance group and, upon request, by the domiciliary state regulator."

See here to choose a new Category/Sub-Category or here for a list of all references held by the Nematrian website. Please contact us if any of the above material is inaccurate or if there are references you think should be included that we have excluded or vice-versa.

---