Approach for carrying out an ORSA (Own Risk and Solvency Assesment)
Directive 2009/138 / EC of the European Parliament and of the Council of 25 November 2009 on life assurance, access to and pursuit of the business of insurance and reinsurance (Solvency II) The obligation for insurance and reinsurance undertakings to carry out an internal assessment of the risks and their solvency.
Based on this provision, the European Insurance and Occupational Pensions Authority (EIOPA) issued its final report on consultation 11/008 on 13 July 2012 for the proposal for guidelines on the ORSA (Own Risk and Solvency Assessment ). This document details 24 guidelines summarizing EIOPA's expectations for ORSA, followed by an extensive discussion on specific themes and characteristics of that assessment.
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