An NAIC task force has approved and sent to a higher committee the manual that will be used to implement the proposed Own Risk and Solvency Assessment (ORSA) requirement for insurance holding companies.
Actual implementation of the ORSA manual won’t be sooner than an effective date of Jan. 1, 2014, if not later, because critical issues remain.
“As both industry and regulators recognize, confidentiality is of paramount importance, since the ORSA Report and supporting materials will contain highly proprietary information,” PCI officials said in a comment letter. “Yet at least two states have acknowledged that their Form B filings are public documents.”
The NAIC also needs a mechanism to ensure coordination of any annual summary report through a lead state to ensure consistency and uniformity, trade groups agreed. Proposed amendments to the document did not provide that assurance.