The National Association of Insurance Commissioners voted via conference call late yesterday afternoon to adopt the Own Risk and Solvency Assessment model. This new model law now goes to the states for legislative adoption. If adopted, the ORSA filing will be required by 2015.
ORSA is in essence an enterprise risk management approach to regulation based on the notion that regulators will get a better picture of a company if they have forward-looking information. This new filing - for companies above $500 million in DWP - will require risk models, business plan information, and growth initiatives for the coming year.
NAMIC and others in the industry were successful in creating appropriate confidentiality protections and the compliance threshold.
NAMIC will continue to monitor the status of the model law as it works its way through the state legislatures.
Senior Vice President, State & Policy Affairs
Posted: Thursday, September 13, 2012 9:21:28 AM.
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