Getting Set for the US ORSA

August 2011
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Getting Set for the US ORSA

At a glance

The NAIC recently described its proposed expectations for the assessment and resulting ORSA filing in its draft ORSA Guidance Manual. This paper explores the Manual's key features and its implications for insurers as they prepare for the expected US ORSA requirement.

The Own Risk and Solvency Assessment (ORSA) is set to become a key part of the regulatory framework for US insurers. The NAIC recently described its proposed expectations for the assessment and resulting ORSA filing in its draft ORSA Guidance Manual. This paper explores the Manual's key features and its implications for insurers as they prepare for the expected US ORSA requirement, in particular: The requirements of the NAIC's ORSA Guidance Manual and what regulators are expecting, what ORSA filings will look like in practice and how insurers can start preparing for them, what the ORSA will mean for business planning and how it could lead to a stronger process, and next steps.