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5/9/13 - U.S. Insurers: Time to Prepare for ORSA

Own Risk and Solvency Assessment has been a part of the European insurance lexicon for some time. Now state insurance regulators in the United States are also embracing the ORSA concept through a model act that the National Association of Insurance Commissioners adopted last fall. The proposal is one component of the NAIC's initiative to update the insurance-supervision framework in the U.S. by drawing upon international developments and standards, focusing on capital, governance and risk management, and group supervision.

Please click below to read a Sightlines InFocus by Bill Toppeta and Lisa Megeaski that discusses the pending requirements and the steps insurers should be taking now to prepare for the January 2015 effective date.

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