Solvency II’s ORSA Remains A Challenge – Willis Re
Insurers will need clear focus on regulation’s objectives, says broker
Willis Re has released a report on the function and contents of the Own Risk and Solvency Assessment (ORSA) under Solvency II.
Sometimes described by its advocates as “the beating heart of Solvency II”, the ORSA remains a challenge for many insurers of all sizes because of the lack of detailed guidance. This remains the case even after the latest guidelines issued by the European Insurance and Occupational Pensions Authority (EIOPA) in December.
How to conduct the ORSA in practice is left to the insurer, based on the nature, scale and complexity of its risks.
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