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Own Risk and Solvency Assessment (ORSA) - NAIC Model Act
United States (NAIC)
v2012
11 domains
32 controls
The NAIC Risk Management and Own Risk and Solvency Assessment Model Act (Model #505) requires US insurance companies to maintain a risk management framework and conduct an Own Risk and Solvency Assessment (ORSA). Adopted by most US states, ORSA requires insurers to assess the adequacy of their risk management and current/future solvency position. The ORSA Summary Report is filed confidentially with regulators. Applies to insurers and insurance groups above specified thresholds.
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Framework Domains (11)
Capital Management
3 controls
| Code | Title |
|---|---|
| ORSA-10 | Group Risk Capital Assessment |
| ORSA-11 | Prospective Solvency Assessment |
| ORSA-12 | Capital Adequacy Conclusion and Board Sign Off |
ERM Framework
5 controls
| Code | Title |
|---|---|
| ORSA-2 | Enterprise Risk Management Framework Description |
| ORSA-20 | ORSA Integration with Strategic and Business Planning |
| ORSA-3 | Risk Culture and Governance |
| ORSA-4 | Risk Identification and Prioritisation |
| ORSA-5 | Risk Appetite, Tolerances, and Limits |
Model Governance
1 controls
| Code | Title |
|---|---|
| ORSA-15 | Use of Internal Models for ORSA |
Regulatory Submission
4 controls
| Code | Title |
|---|---|
| ORSA-13 | Annual ORSA Summary Report Submission |
| ORSA-14 | ORSA Confidentiality and Regulatory Use |
| ORSA-19 | ORSA Update Between Annual Filings |
| ORSA-21 | Regulator Onsite Review and Examination Readiness |
Reporting and Compliance
0 controls
Taxonomy-aligned reporting requirements
Risk Assessment
6 controls
| Code | Title |
|---|---|
| ORSA-17 | Liquidity Risk Assessment |
| ORSA-18 | Operational Risk in ORSA |
| ORSA-6 | Insurer Assessment of Risk Exposure |
| ORSA-7 | Quantitative Methods for Risk Exposure |
| ORSA-8 | Stress Testing Programme |
| ORSA-9 | Group Risk Aggregation |
Risk Management
1 controls
| Code | Title |
|---|---|
| ORSA-16 | Risk Mitigation and Management Strategies |
Scope and Applicability
1 controls
| Code | Title |
|---|---|
| ORSA-1 | ORSA Applicability and Threshold Determination |
Section 1 - Risk Management Framework
4 controls
| Code | Title |
|---|---|
| ORSA-1.1 | ERM Framework Description |
| ORSA-1.2 | Risk Culture and Governance |
| ORSA-1.3 | Risk Appetite Statement |
| ORSA-1.4 | Risk Monitoring Processes |
Section 2 - Risk Exposure Assessment
3 controls
| Code | Title |
|---|---|
| ORSA-2.1 | Quantitative Risk Assessment |
| ORSA-2.2 | Qualitative Risk Assessment |
| ORSA-2.3 | Stress Testing and Scenarios |
Section 3 - Group Risk Capital and Solvency
4 controls
| Code | Title |
|---|---|
| ORSA-3.1 | Available Capital Assessment |
| ORSA-3.2 | Required Capital Assessment |
| ORSA-3.3 | Capital Adequacy Analysis |
| ORSA-3.4 | Forward-Looking Solvency Assessment |
Your Compliance Coverage
If you comply with Own Risk and Solvency Assessment (ORSA) - NAIC Model Act, you already cover:
Maps to 159 other frameworks
32 total controls
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OSFI B-13
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Frequently Asked Questions
What is Own Risk and Solvency Assessment (ORSA) - NAIC Model Act?
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act is a compliance framework from United States (NAIC) with 11 domains and 32 controls. The NAIC Risk Management and Own Risk and Solvency Assessment Model Act (Model #505) requires US insurance companies to maintain a risk management framework and conduct an Own Risk and Solvency Assessment (ORSA). Adopted by most US states, ORSA requires insurers to assess the adequacy of their risk management and current/future solvency position. The ORSA Summary Report is filed confidentially with regulators. Applies to insurers and insurance groups above specified thresholds. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does Own Risk and Solvency Assessment (ORSA) - NAIC Model Act have?
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act has 32 controls organised across 11 domains. The largest domains are Risk Assessment (6 controls), ERM Framework (5 controls), Regulatory Submission (4 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does Own Risk and Solvency Assessment (ORSA) - NAIC Model Act map to?
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act maps to 159 other compliance frameworks. The top mapping partners are Authorised Economic Operator (AEO) Programmes - Global Standards (19% coverage), ICAO Annex 17 - Aviation Security (AVSEC) (16% coverage), API 1164 (16% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with Own Risk and Solvency Assessment (ORSA) - NAIC Model Act compliance?
Start your Own Risk and Solvency Assessment (ORSA) - NAIC Model Act compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about Own Risk and Solvency Assessment (ORSA) - NAIC Model Act requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 32 controls and track your progress.
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