Regulatory Alerts2019-11-22
Report on the Implementation of Own Risk and Solvency Assessment with Recommendations
The Croatian Financial Services Supervisory Agency (Hanfa) issued this November 2019 report to evaluate and enhance the Own Risk and Solvency Assessment (ORSA) process across insurance and reinsurance companies. It mandates that companies implement three core assessments—total solvency requirements, continuous regulatory compliance, and risk profile alignment—while strengthening management oversight, documentation, and strategic decision-making. The document provides specific quantitative and qualitative recommendations to ensure ORSA reports accurately reflect company-specific risk profiles, anticipatory perspectives, and stress test outcomes rather than merely replicating standard formula calculations.
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