Regulatory Alerts2023-06-14
Added · Updated
Solvency II: Pillar 2 – ORSA
Insurers subject to Solvency II must prepare and submit an Own Risk and Solvency Assessment (ORSA) report to De Nederlandsche Bank (DNB) at least once a year. The report must cover overall solvency needs, continuous compliance with capital and technical provision requirements, and the appropriateness of the standard formula, though no prescribed format is mandated. Both the management board and internal audit department must be involved in the process, with the board directing the assessment to ensure alignment with the institution's strategy.
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