2015 Update on Enterprise Risk Management, ORSA and NAIC Corporate Governance Requirements

February 26, 2015 11:25am

Daniel A. Cotter
Partner
Butler Rubin Saltarelli & Boyd LLP

Bonnie Guth
Assistant General Counsel
Munich Reinsurance America, Inc.

Wayne Mehlman
Senior Counsel, Insurance Regulation
American Counsel of Life Insurers (ACLI)

Adam E. Kerns
Assistant General Counsel
American Insurance Association (AIA)

Randi Reichel
Vice President, National Regulatory Affairs
UnitedHealth Group

  • Status update on Enterprise Risk Management (ERM) and Enterprise Risk Reporting requirements
    • What has been happening over the last year?
    • Considerations for insurers in building out their ERM system – what does a strong ERM process look like?
    • Filing of Form “M” – when and where to file and pitfalls to avoid
  • The latest developments, themes and challenges being seen by the industry as the NAIC’s Own Risk and Solvency Assessment (ORSA) comes online in January 2015
    • What is required of insurers under ORSA?
    • Have the states been implementing ORSA requirements?
    • What are the latest concerns relating to the ORSA and filing of the ORSA Summary Report?
    • Practical tips and pitfalls to avoid
    • Obtaining a waiver from ORSA requirements
  • Gearing up for the NAIC’s “Corporate Governance Annual Filing Model Act,” targeted for 2016
    • Ensuring compliance with the requirements/standards set forth by the NAIC’s Model Law
    • Key items required to be described within the corporate governance disclosure
    • Addressing potential redundancies in the ORSA and Corporate Governance filing requirements
    • Prepare for upcoming corporate governance initiatives on the horizon