27 May 2008

CEIOPS consults on Issues Paper on ORSA

The Paper explains CEIOPS preliminary views on the definition and importance of the Own Risk and Solvency Assessment as a management tool, the purpose of the ORSA, some requirements building on the Directive Proposal and some principles and guidance on th

The Issues Paper on Own Risk and Solvency Assessment explains CEIOPS preliminary views on the definition and importance of the ORSA as a management tool, the purpose of the ORSA, some requirements building on the Directive Proposal and some principles and guidance on the ORSA process.

 

The guidance may yet be modified or amended before the introduction of the Solvency II framework, as the framework is being further developed.

 

The present paper only considers the ORSA as a requirement on undertakings; issues related to how supervisors review the ORSA, the requirements on supervisory reporting and how supervisors may use the output from the ORSA will be covered by other Issues Papers which CEIOPS plans to publish.

 

At a later stage, it is likely that CEIOPS will develop additional guidance on the group ORSA requirements provided for in Article 250 of the Framework Directive Proposal. This may, amongst other things, include consideration of the implications of a single ORSA covering multiple entities and the specific conditions established by the group support regime.

 

Deadline for comments is 27 August 2008. 

 

Issues paper on ORSA

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