Comments on Form F and ORSA Reporting Requirements Comparison, Implementation Guide Due Today, NAIC Reminds
Date Published: 01-12-2018
Written comments on the drafts of a Form F and Own Risk and Solvency Assessment ("ORSA") comparison chart, and a Form F Implementation Guide are due by the close of business today, January 12, 2018, the National Association of Insurance Commissioners' ("NAIC") Group Solvency Issues Working Group reminds.
The comparison document juxtaposes the basic reporting requirements applicable to insurers and insurance holding company groups outlined in the Enterprise Risk Report (Form F) of the NAIC's Insurance Holding Company System Regulatory Act (Model #440), and Insurance Holding Company System Model Regulation with Reporting Forms and Instructions (Model #450) against those included in the ORSA Summary Report of the NAIC's Risk Management And Own Risk And Solvency Assessment Model Act (Model #505) and ORSA Guidance Manual.
In regard to the Implementation Guide, requirements within the Insurance Holding Company System Model Act (#440) and supporting Insurance Holding Company System Model Regulation (#450) related to the annual filing of an Enterprise Risk Report (Form F) became effective for NAIC accreditation purposes on January 1, 2016. Therefore, NAIC accredited lead states are now receiving and reviewing Form F filings on an annual basis. The purpose of the Implementation Guide is to assist insurers and regulators in maximizing the usefulness of the Form F by proposing best practices for consideration in preparing and reviewing Form F filings.
Hyperlinks to both draft documents are provided below.
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