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Over the past few years, international supervisors, U.S. state regulators, and major rating agencies such as Standard & Poor’s and A.M. Best have adopted regulatory and rating review processes to help ensure that insurers build strong enterprise risk management (ERM) frameworks to help evaluate, govern, and manage risks of loss company-wide. 

This year, the National Association of Insurance Commissioners (NAIC) is finalizing a more formalized reporting requirement to monitor risk and solvency levels of the largest insurance companies, going above and beyond the recent state regulatory push towards risk-based financial examinations. The NAIC’s Own Risk and Solvency Assessment Proposal (ORSA) is defined as a set of processes used for decision-making and strategic analysis, based on how the company manages and controls its risks.

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