The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an Issues Paper entitled Own Risk and Solvency Assessment (ORSA). In the Issues Paper CEIOPS explains its preliminary views on the definition and importance of the ORSA as a management tool, the purpose of the ORSA, some requirements building on the Solvency II framework Directive proposal and some principles and guidance on the ORSA process. The Issues Paper only considers the ORSA as a requirement on undertakings; issues relating 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 will publish later. Comments on the Issues Paper are due by 27 August 2008.
View Own Risk and Solvency Assessment (ORSA), (PDF 123KB), 27 May 2008