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Own Risk and Solvency Assessment (ORSA) - NAIC Model Act

Self-Assess
United States (NAIC)
v2012
4 domains
4 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 (4)

Reporting and Regulatory

1 controls
Controls in the Reporting and Regulatory domain of Own Risk and Solvency Assessment (ORSA) - NAIC Model Act — 1 controls
CodeTitle
ORSA-S4ORSA Reporting, Regulatory Submission, and Strategic Integration

Section 1 ERM Framework

1 controls
Controls in the Section 1 ERM Framework domain of Own Risk and Solvency Assessment (ORSA) - NAIC Model Act — 1 controls
CodeTitle
ORSA-S1ORSA Manual Section 1: Description of Insurer's Risk Management Framework

Section 2 Risk Exposure Assessment

1 controls
Controls in the Section 2 Risk Exposure Assessment domain of Own Risk and Solvency Assessment (ORSA) - NAIC Model Act — 1 controls
CodeTitle
ORSA-S2ORSA Manual Section 2: Insurer's Assessment of Risk Exposure

Section 3 Capital and Solvency

1 controls
Controls in the Section 3 Capital and Solvency domain of Own Risk and Solvency Assessment (ORSA) - NAIC Model Act — 1 controls
CodeTitle
ORSA-S3ORSA Manual Section 3: Group Risk Capital and Prospective Solvency Assessment

Your Compliance Coverage

If you comply with Own Risk and Solvency Assessment (ORSA) - NAIC Model Act, you already cover:

IAIS Insurance Core Principles (ICPs)

50%

2 controls mapped

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NIST AI Risk Management Framework (AI RMF 1.0)

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2 controls mapped

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Vietnam Law on Cybersecurity (No. 24/2018/QH14)

50%

2 controls mapped

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+ 75 more: Vermont Artificial Intelligence and Consumer Data Act (AICDA) (50%), US Gramm-Leach-Bliley Act (GLBA) - Higher Education Safeguards Rule (50%)

See all 78 mapped frameworks ↓

Maps to 78 other frameworks

4 total controls
IAIS Insurance Core Principles (ICPs)
2 source controls mapped|4 target controls covered
50%
NIST AI Risk Management Framework (AI RMF 1.0)
2 source controls mapped|5 target controls covered
50%
Vietnam Law on Cybersecurity (No. 24/2018/QH14)
2 source controls mapped|1 target controls covered
50%
Vermont Artificial Intelligence and Consumer Data Act (AICDA)
2 source controls mapped|1 target controls covered
50%
US Gramm-Leach-Bliley Act (GLBA) - Higher Education Safeguards Rule
2 source controls mapped|2 target controls covered
50%
UK Defence Standard 05-138 - Cyber Security for Defence Suppliers
2 source controls mapped|1 target controls covered
50%
Turkey KVKK
2 source controls mapped|1 target controls covered
50%
Privacy Act 2020
2 source controls mapped|1 target controls covered
50%
Privacy Act 1988 (Australia)
2 source controls mapped|1 target controls covered
50%
Personal Data Act (personopplysningsloven)
2 source controls mapped|1 target controls covered
50%
PCAOB AS 2201 - Audit of Internal Control Over Financial Reporting (ICFR)
2 source controls mapped|2 target controls covered
50%
Annex 11 to EU GMP - Computerised Systems
2 source controls mapped|1 target controls covered
50%
ISO/IEC 27557:2022 - Organisational Privacy Risk Management
2 source controls mapped|7 target controls covered
50%
ISO 26262:2018 - Functional Safety for Road Vehicles
2 source controls mapped|1 target controls covered
50%
NIST Cybersecurity Framework 2.0
2 source controls mapped|5 target controls covered
50%
ISO/IEC 29134:2023
2 source controls mapped|3 target controls covered
50%
ISO/IEC 27014:2020
2 source controls mapped|2 target controls covered
50%
ISO/IEC 23894:2023
2 source controls mapped|6 target controls covered
50%
ISO 27018
2 source controls mapped|1 target controls covered
50%
ISO 22000
2 source controls mapped|1 target controls covered
50%
IEC 62443
2 source controls mapped|3 target controls covered
50%
ISO 45001
2 source controls mapped|1 target controls covered
50%
APPI
2 source controls mapped|1 target controls covered
50%
ISO 13485
2 source controls mapped|1 target controls covered
50%
Barbados Data Protection Act 2019
2 source controls mapped|1 target controls covered
50%
AML/CTF Act 2006 (Australia)
2 source controls mapped|2 target controls covered
50%
NIST SP 1800-32
2 source controls mapped|3 target controls covered
50%
ISO 27019
2 source controls mapped|3 target controls covered
50%
ISO 31000
2 source controls mapped|6 target controls covered
50%
EASA Part-IS - Information Security in Aviation
2 source controls mapped|5 target controls covered
50%
API 1164
2 source controls mapped|3 target controls covered
50%
BSI IT-Grundschutz
2 source controls mapped|3 target controls covered
50%
ISO 27005
2 source controls mapped|6 target controls covered
50%
NIST SP 800-53 Rev 5
2 source controls mapped|6 target controls covered
50%
NIST SP 800-171A Rev 3 - Assessing CUI Security Requirements
2 source controls mapped|3 target controls covered
50%
AWS Well-Architected Security Pillar
2 source controls mapped|1 target controls covered
50%
APRA CPS 230 Operational Risk Management
2 source controls mapped|4 target controls covered
50%
ISO 41001:2018 - Facility Management Systems
2 source controls mapped|1 target controls covered
50%
ISO 39001:2012 - Road Traffic Safety Management
2 source controls mapped|1 target controls covered
50%
ISO 22313:2020 - Guidance on Business Continuity Management Systems
2 source controls mapped|1 target controls covered
50%
ISO/IEC 27031:2011
2 source controls mapped|1 target controls covered
50%
NFPA 1600 - Standard on Continuity, Emergency, and Crisis Management
2 source controls mapped|1 target controls covered
50%
AWWA Cybersecurity Guidance for the Water Sector (American Water Works Association)
2 source controls mapped|1 target controls covered
50%
ISO 27017
2 source controls mapped|1 target controls covered
50%
AS9100D:2016 - Quality Management Systems for Aviation, Space, and Defence
2 source controls mapped|3 target controls covered
50%
AS9100D - Aerospace Quality Management System
2 source controls mapped|4 target controls covered
50%
ISO/IEC 27003:2017
2 source controls mapped|4 target controls covered
50%
FBI CJIS Security Policy
2 source controls mapped|2 target controls covered
50%
South Korea PIPA
2 source controls mapped|1 target controls covered
50%
ICAO Annex 17 - Aviation Security (AVSEC)
2 source controls mapped|2 target controls covered
50%
French Sapin II Law (Law No. 2016-1691)
2 source controls mapped|2 target controls covered
50%
Federal Decree-Law No. 45 of 2021 on the Protection of Personal Data (UAE PDPL)
2 source controls mapped|1 target controls covered
50%
Azure Security Benchmark
2 source controls mapped|1 target controls covered
50%
Bahrain PDPL
2 source controls mapped|1 target controls covered
50%
ISO 27799
2 source controls mapped|1 target controls covered
50%
NIST SP 800-190
2 source controls mapped|1 target controls covered
50%
ASIS SPC.1-2009 - Organizational Resilience Standard
2 source controls mapped|1 target controls covered
50%
ISO/IEC 29147:2018
2 source controls mapped|1 target controls covered
50%
GDPR
2 source controls mapped|1 target controls covered
50%
Authorised Economic Operator (AEO) Programmes - Global Standards
1 source controls mapped|1 target controls covered
25%
APRA CPS 234
1 source controls mapped|3 target controls covered
25%
Protective Security Policy Framework (PSPF) Release 2024
1 source controls mapped|1 target controls covered
25%
ISO 22320:2018
1 source controls mapped|1 target controls covered
25%
ISO 20400:2017 - Sustainable Procurement
1 source controls mapped|1 target controls covered
25%
IEC 60601-1 - Medical Electrical Equipment Safety
1 source controls mapped|3 target controls covered
25%
BS 65000:2014 - Guidance on Organizational Resilience
1 source controls mapped|2 target controls covered
25%
ISO 28001:2007 Supply Chain Security Management
1 source controls mapped|1 target controls covered
25%
ISO/IEC 38500:2024 - Governance of IT
1 source controls mapped|1 target controls covered
25%
IEC 62304:2015 Medical Device Software Lifecycle Processes
1 source controls mapped|3 target controls covered
25%
ISO 15189:2022 - Medical Laboratories Requirements for Quality and Competence
1 source controls mapped|1 target controls covered
25%
ISO 37000:2021 - Governance of Organizations
1 source controls mapped|2 target controls covered
25%
Aged Care Quality Standards (Australia)
1 source controls mapped|1 target controls covered
25%
FFIEC IT Examination Handbook
1 source controls mapped|3 target controls covered
25%
ISO/IEC 23837 - Security Requirements for Quantum Key Distribution
1 source controls mapped|2 target controls covered
25%
OSFI B-13
1 source controls mapped|2 target controls covered
25%
NIST Privacy Framework
1 source controls mapped|1 target controls covered
25%
ICH Q10 - Pharmaceutical Quality System
1 source controls mapped|1 target controls covered
25%
FFIEC Cybersecurity Assessment Tool (CAT)
1 source controls mapped|2 target controls covered
25%
Compare Own Risk and Solvency Assessment (ORSA) - NAIC Model Act with IAIS Insurance Core Principles (ICPs)

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 4 domains and 4 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 4 controls organised across 4 domains. The largest domains are Reporting and Regulatory (1 controls), Section 1 ERM Framework (1 controls), Section 2 Risk Exposure Assessment (1 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 78 other compliance frameworks. The top mapping partners are IAIS Insurance Core Principles (ICPs) (50% coverage), NIST AI Risk Management Framework (AI RMF 1.0) (50% coverage), Vietnam Law on Cybersecurity (No. 24/2018/QH14) (50% 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 4 controls and track your progress.

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