NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual

By NAIC Group Solvency Issues (E) Working Group · National Association of Insurance Commissioners · 2022

Study guide: Exam GI-201

The NAIC's guidance manual, as of December 2022 and maintained by the Group Solvency Issues (E) Working Group of the Financial Condition (E) Committee, on reporting an insurer's Own Risk and Solvency Assessment (ORSA) as required by the Risk Management and Own Risk and Solvency Assessment Model Act (#505). It sets out the ORSA's two primary goals and what an insurer subject to the requirements is expected to do.

On the syllabus

• Exam GI-201 — outcome 6e; pp. 1-5 and 7-16

Introduction

• A. Exemption
• B. Application for Waiver
• C. General Guidance
• D. Maintenance Process

1 Description of the Insurer's Enterprise Risk Management Framework

2 Insurer's Assessment of Risk Exposures

3 Group Assessment of Risk Capital and Prospective Solvency Assessment

• A. Group Assessment of Risk Capital
• B. Prospective Solvency Assessment

Additional Expectations for Internationally Active Insurance Groups

Appendix Glossary

Sources

• NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual (National Association of Insurance Commissioners, as of December 2022) — the document: title page, table of contents, bookmarks (the headings are set in capitals in the original and the contents page misspells "Internationally"), and the Introduction for the lead (21 pages, sha256 98f431d83c0a6e95...)
• GI 201 Syllabus, Nov 2026/Mar 2027 (SOA) — the citation, the pages assigned and the learning outcome