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ARTICLE · 16 APRIL 2012

NAIC Announces ORSA Model Act Comment Period

Drinker Biddle & Reath LLP
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On Wednesday, April 4, the National Association of Insurance Commissioners’ (NAIC) Group Solvency Issues (E) Working Group released the NAIC Own Risk and Solvency Assessment (ORSA) Model Act for public comment.

United StatesInsurance
Thomas Dawson
Thomas Dawson
Michael Byrne
Michael Byrne
Parimah Hassouri
Parimah Hassouri

On Wednesday, April 4, the National Association of Insurance Commissioners' (NAIC) Group Solvency Issues (E) Working Group released the NAIC Own Risk and Solvency Assessment (ORSA) Model Act for public comment.

The ORSA Model Act details the requirements for completing an annual ORSA and provides guidance and instructions for filing an ORSA summary report with a U.S. insurer's domiciliary insurance commissioner upon his or her request.

Comments on the proposed Model Act are due to NAIC staff by the close of business on May 11, 2012. The Working Group's plan is to complete drafting of the ORSA Model Act in time for the NAIC Summer National Meeting in mid-August. The hope is for states to have the law in place so the requirements become effective January 1, 2015.

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