Own Risk and Solvency Assessment (ORSA) Model Act (#505)

The Own Risk and Solvency Assessment (ORSA) Model Act (NAIC Model #505) provides a uniform statutory framework that requires insurers to conduct an internal, forward-looking evaluation of their risk profile, capital adequacy and solvency position. It guides states in adopting consistent regulations that promote proactive risk management and ensure that insurers maintain sufficient resources to meet obligations.