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Eagerly anticipated, a Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) was finally adopted on Sept. 12 by the National Association of Insurance Commissioners (NAIC). Under the Model Act, which still needs to be enacted into law by individual states companies, companies that meet certain financial thresholds will be required to assess the adequacy of their risk management programs, and their current, and likely future, solvency position. Formal reports summarizing the company’s risk governance program, and a risk-based solvency assessment will generally be provided to regulators at least annually. However, exact filing dates and frequency may depend on a myriad of factors, such as the nature and complexity of a company’s risks, financial position, as well as the economic environment considerations.

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