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July 19, 2017

MAS issued an information paper arising from its review of the Own Risk and Solvency Assessment (ORSA) reports submitted by the industry as required under MAS Notice 126. The paper seeks to provide guidance on how insurers can better implement and benefit from their ORSAs.

The paper summarizes key observations of MAS from a focused review of ORSA reports submitted by direct life, general, and composite insurers as well as reinsurers. It also sets out sound practices for performing ORSAs that insurers should adopt, taking into account their risk and business profiles. On the review, MAS noted that insurers generally met the requirements for the ORSA stated in MAS 126. However, the effectiveness of the ORSAs can be improved via better integration with the business planning process, more in-depth risk assessments, and more robust board level discussions. Insurers that implement ORSAs by pulling together pre-existing risk management documents without further analysis to fulfill a compliance requirement may not reap the full benefits of the process.

 

MAS 126 on Enterprise Risk Management, or ERM, for Insurers was introduced on April 02, 2013 and took effect on January 01, 2014. The Notice requires insurers to perform ORSA at least annually to assess the adequacy of their risk management and their current and projected future solvency positions. MAS takes into account an insurer’s ORSA and its related processes as part of its assessment of the insurer.

Keywords: Asia Pacific, Singapore, Insurance, ORSA, MAS 126, Guidance, ERM, MAS

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