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We provide expert solutions for US Insurers facing a new regulatory stress test from the Risk Management and Own Risk and Solvency Assessment Model Act (ORSA).

ORSA requires certain US insurance companies to demonstrate effective internal risk management processes to maintain financial solvency. The new regulations, which are based on the European Union’s Solvency II directive, have been adopted by the National Association of Insurance Commissioners (NAIC) and are expected to be adopted by the various state commissioners and come into force in 2015. Insurers will be required to perform a risk assessment based on their solvency assessment model and submit an annual summary report to regulators.

We provide practical ORSA implementation advice and consultancy to US insurers. The modular ORSA Service allows insurers to access the ORSA support they need from gap analysis through to full implementation ahead of the 2015 NAIC deadline. Our ORSA Service has been developed as a result of our practical experience of delivering full Solvency II compliance for a major European insurer.

Charles Taylor’s ORSA Service includes four modules which can be accessed individually or as a complete package:

  • Gap Analysis Module: Preparation of a gap analysis between what the insurer currently does and the ORSA requirements, including: policies, internal operating framework, embedding of risk process, and evidence of governance and processes. 
  • Implementation planning module: Defining the work required to meet ORSA requirements and preparing detailed implementation plans. 
  • Design module: Designing the framework and controls for the implementation project.
  • Operational management module: Training, operational management, risk, compliance and internal audit in post-implementation.

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