Per NAIC ORSA Guidance Manual Section 1: provide a high-level description of the insurer's Enterprise Risk Management (ERM) framework. Covers ORSA Applicability and Threshold Determination per the NAIC ORSA Model Act (annual premium thresholds + group thresholds + regulator request); ERM Framework Description covering risk culture + governance + risk management responsibilities at board + management + business unit levels; risk culture + governance including risk appetite statement + risk tolerances + risk limits with measurable thresholds; risk identification + prioritisation processes; risk monitoring + reporting processes; risk mitigation + management strategies; and integration with strategic + business planning. Requirements include (a) document ERM framework + (b) define + cascade risk appetite + tolerances + limits + (c) operate risk identification + monitoring + reporting + (d) integrate with strategic planning + capital management + (e) maintain board + management oversight + (f) document changes to ERM framework with regulator notification where required.
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