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Committees

Joint Own Risk and Solvency Assessment (ORSA) Subcommittee

International ORSA Regulatory Requirements Chart, November 2016

ORSA means the Own Risk and Solvency Assessment insurers are required to perform in their respective jurisdictions. An ORSA concept is described in Insurance Core Principle 16 of the International Association of Inusrance Supervisors.

DISCLAIMER: The content of the International ORSA Regulatory Requirements Chart (the Chart) has been provided by individuals at the request of the Joint ORSA Subcommittee of the Insurance Regulation Committee and the Enterprise and Financial Risk Committee of the IAA. This information has been collated and presented for educational and informational purposes to the members of the IAA and interested parties. The IAA assumes no responsibility for the accuracy, completeness, currency, reliability of the information in the Chart or access to any information contained on any site linked within the Chart. The IAA, its employees and officers shall not be liable for any loss or damage, direct or indirect, which may arise or occur as a result of the use of or reliance upon any of the material in the Chart.

 

Documents and Papers

IRC Risk Book: Chapter 10 - ORSA by Maryellen Coggins, Nick Dexter, Malcolm Kemp and John Oost (approved on 8 March 2016)

Deriving Value from ORSA-Board Perspective, April 2015 - An Executive Board has a significant role to play in  overseeing management's assessments of risk and solvency and in challenging ORSA results as they are communicated by management. The purpose of this paper is to provide members of the Board insight into the value of the ORSA process, regardless of the specific implementation and requirements for ORSA in a given regulatory environment and to establish Board expectations for the information that senior management should routinely communicate to them.