Thursday, 23 October 2014

Own Risk and Solvency Assessment (ORSA) - how to adapt as a strategic tool & not merely a compliance excercise

In this article, I have tried to highlight the Own Risk Self-Assessment (ORSA), a new policy tool required by the IAIS and introduced by QFCRA as a requirement for insurers as part of the new PINS Rulebook. Needless to say, ORSA would have an impact on all Qatar based insurance companies at avariety of levels as it is not just a compliance requirement, but is a highly effective strategic tool. It is also a keyfeature of many global regulatory frameworks such as Solvency II in Europe. 

ORSA is defined by the QFCRA rulebook as a detailed forward-looking examination of theadequacy of an insurer’s risk management policies, procedures and controls and the insurer’spresent and future solvency positions.

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