- At the recent National Association of Insurance Commissioners (NAIC) Spring 2014 national meeting, two new documents were approved for release as exposure drafts: the Draft Own Risk and Solvency Assessment (ORSA) Guidance for Financial Analysts and the Draft ORSA Guidance for Financial Examiners. While the documents are intended to be guidance for insurance department financial analysts and examiners, the guidance provides a window into expectations for the future.
- The NAIC formally adopted the Own Risk and Solvency Assessment (ORSA) Model Act in September 2012, and the ORSA requirement for qualifying insurers will be effective January 2015. In an effort to improve guidance and regulation, the NAIC’s ORSA (E) Subgroup has completed two feedback pilot projects, one in June 2012 and the most recent in September 2013.
- During and following the 2013 ORSA, insurance accounting, and financial reporting updates webinar, the Baker Tilly insurance team fielded several questions around ORSA – Own Risk Solvency Assessment. Here are some of the most common questions and answers.
- The 2013 Fall NAIC meeting concluded on December 18, 2013 in Washington, DC. A number of substantive and non-substantive agenda items, including various committee meeting summaries were addressed. Key technical accounting updates were discussed during the Statutory Accounting Principles Working Group and the Emerging Accounting Issues Working Group.
- The paper will examine domestic and global insurer solvency requirements with a primary focus on the United States’ National Association of Insurance Commissioners’ (NAIC) Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act. In addition, this paper will provide industry guidance to small through midsized insurance companies that have recently breached or are close to reaching the $500 million of annual direct written and unaffiliated assumed premium.
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