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Member, Beacon International Group, Ltd.
FRANKFURT, Germany—The European Insurance and Occupational Pensions Authority on Monday launched a public consultation on proposals for the Own Risk and Solvency Assessment under Solvency II.
The Frankfurt, Germany-based EIOPA said it welcomed comments from all interested parties on the ORSA requirement, which is an insurance or reinsurance company's view of its own risk profile and capital needs.
The comment period runs until Jan. 20.
Article 45 of the Solvency II directive requires that all companies perform a regular ORSA and provide the company’s regulator with documentation on the process.
In its consultation, EIOPA requests responses from insurers and reinsurers about whether its guidelines on the ORSA are clear, whether there are any practical or operational issues that may arise from the ORSA process, and whether insurers and reinsurers have any suggestions on when and to whom reporting on compliance with the guidelines should be made, among other things.
The consultation document can be viewed at eiopa.europa.eu.