Examples of Own risk and solvency assessment in a sentence
Own risk and solvency assessment requirement.Subject to section 26.1-10.2-05, an insurer, or the insurance group of which the insurer is a member, regularly shall conduct an own risk and solvency assessment consistent with a process comparable to the own risk and solvency assessment guidance manual.
Own risk and solvency assessment is set out in detail in the own risk and solvency assessment policy.
Own risk and solvency assessment Own risk and solvency assessment (hereinafter referred to as “ORSA”) is an integral part of the risk management system.
Own risk and solvency assessment must also be performed regularly, especially after any significant change in the risk profile (SII Directive 2009:L335/34 Article 45).SII Directive (L335 2009:35 Article 46) further requires that an effective internal control system must at least include administrative and accounting procedures, an internal control framework, appropriate reporting arrangements at all levels of the undertaking and a compliance function.
Own risk and solvency assessment system The Company is currently in a process of setting further actions and rules in risk management with aim to: 1.