System for assessing solvency needs of an insurance company
At the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.
Risk Management and own risk and solvency assessment is a similar regulation that has been enacted in the US by the NAIC.[1] Other jurisdictions are enacting similar regulations to comply with the Insurance Core Principle 16 enacted by the IAIS.[2]
^"Archived copy". www.naic.org. Archived from the original on 4 April 2013. Retrieved 13 January 2022.{{cite web}}: CS1 maint: archived copy as title (link)
^http://www.iaisweb.org/view/element_href.cfm?src=1/16689.pdf from the International Association of Insurance Supervisors
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