On 7 November 2011, EIOPA released a public consultation paper on the proposal for guidelines on Own Risk and Solvency Assessment (ORSA), the first public consultation on the draft Solvency II Level 3 text.
This paper expands the guidance set out in Article 45 of the Level 1 Directive to provide guidance on what companies should do to ensure that the outcome of the Own Risk and Solvency Assessment (ORSA) is acceptable.
This update includes a summary of the content of this paper and a brief analysis of what we expect this document to mean for companies.
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EIOPA Consultation Paper on the Proposal for Guidelines on ORSA
The release of EIOPA’s consultation paper on the ORSA process marks the first public consultation of the Solvency II Level 3 text.