A Less-Than-Ideal Model For Insurer Self-Assessment

Law360, New York (March 22, 2012, 1:42 PM EDT) -- Continuing its proliferation of new, post-financial crisis supervisory requirements, the National Association of Insurance Commissioners (NAIC) at its spring national meeting in New Orleans on March 6, 2012, adopted a new guidance manual for so-called own risk and solvency assessments, or ORSAs.

Under this initiative, which is new to the U.S. but resembles similar measures being implemented in European jurisdictions under Solvency II, U.S. insurers and their holding company groups would be required to conduct annual self-examinations of their own risks and capital adequacy. A report...
To view the full article, register now.