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OSFI (2013)Own Risk and Solvency Assessment Guidelineshere

Introduction

"Life and Property and Casualty (P&C) insurers determine capital needs based on regulatory capital requirements. Insurers should also conduct a comprehensive forward-looking internal assessment, which includes identifying material risks and assessing the adequacy of their risk management and current and likely future solvency positions, proportionate to the nature, scale and complexity of their own business and risk profile. This latter process is generally known as Own Risk and Solvency Assessment (ORSA). A number of jurisdictions are moving towards implementing ORSA or ORSA-like requirements. OSFI is introducing ORSA guidance as a key component of its regulatory framework. OSFI already has existing relevant guidance (e.g.: Guideline E-18: Stress Testing), including in-force guidance on internal targets for insurers (i.e.: Guideline A-4: Internal Target Capital Ratio for Insurance Companies). This Impact Analysis Statement discusses how OSFI proposes to implement new ORSA guidance."


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