Regulatory Review of ORSA Framework
Laura Maxwell

Regulatory Review of ORSA Framework

Maxwell Takes Top Honors for ORSA Essay

Laura Maxwell December 03, 2014 Posted in: Blog Posts, Insurance / Insurers, ORSA
Pinnacle congratulates Laura A. Maxwell, FCAS, MAAA, for taking top honors in an international competition of essays on how to review an Own Risk and Solvency Assessment (ORSA). Maxwell’s paper titled Regulatory Review of ORSA Framework received the first place award. ORSA is a tool that will supplement the solvency monitoring responsibilities of state insurance regulators.

Regulatory Review of ORSA Framework

Own Risk Solvency Assessment (ORSA) reports are an important way for regulators to ensure that insurance companies are managing their enterprise-wide risks. Each company’s report will need to be appropriate for the nature, scale and complexity of the company’s risks. Although the details will vary significantly between companies, the list of items to be discussed should be similar. Section 1 of the NAIC ORSA Guidance Manual provides five key principles for an effective Enterprise Risk Management (ERM) framework. Companies’ ORSA reports will need to demonstrate how their programs meet the five key principals. In addition to the principles, companies may want to include items from the NAIC’s report on their pilot programs. Each principle is discussed below as well as items that regulators will need to consider during their assessments.


Read Laura's full essay.

Check out all the winning essays from the competition.

Learn more about ORSA.

lmaxwell@pinnacleactuaries.com

For more information on Laura visit her People page.

  

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