ERM-126-15: ORSA – An International Requirement (sections 3.1 and 4.1)


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Reading Source: http://www.milliman.com/uploadedFiles/insight/2013/ORSA_international-requirement.pdf

Topics Covered in this Reading:

  • What is an ORSA?
    • Board Responsibility
    • Own Risk Assessment
    • Own Solvency Assessment
    • Forward looking assessment of solvency needs
    • Key management tool
    • Internal and supervisory understanding
    • Group assessment
    • Frequency
    • Adequately documented and validated
  • Main IAIS Requirements
    • Assessment of overall solvency needs
    • Forward looking assessment
    • Role of the Board
    • Use of the ORSA
    • Frequency of performance
    • Group requirements
    • Reporting to supervisors and disclosure
    • Documentation required
    • Proportionality
    • Independent review