Casualty Actuarial Society

Professional Education

The New NAIC ORSA Requirements – Latest Developments

August 14, 2012
12:00 – 1:30 PM Eastern

Description

The International Association of Insurance Supervisors has adopted core principles for insurance solvency regulation that include an Own Risk and Solvency Assessment (ORSA) requirement. The NAIC has responded by developing a new ORSA requirement for US insurers, and is now conducting a pilot with about a dozen insurers. Requirements for ORSA are being implemented in Europe as part of Solvency II, and in Bermuda, Canada, Japan, Australia, as well. In this webinar, we will provide an update on the latest developments in ORSA, describe some of the issues that are emerging, and discuss how the ORSA will fundamentally change the way management approaches strategic planning and enterprise risk and capital management. We'll look at the new NAIC requirements and what they mean for insurers, with focus on common questions and concerns about getting started with implementation.

Presenters

Anthony Shapella, Towers Watson
Anthony Shapella is a management consultant in Towers Watson's property and casualty insurance practice. In this role, he assists clients with enterprise risk and capital management implementation, strategic and competitive analyses, regulatory and rating agency issues, and planning support for complex multi-phased projects. He also serves as the Secretariat for the North American CRO Council – an association of Chief Risk Officers from 28 of the leading insurance companies in North America.

Anthony graduated magna cum laude with honors from Mount Saint Mary's College and holds an MBA with honors from Temple University's Fox School of Business. He has written several papers on the Own Risk and Solvency Assessment and was recently awarded a prize by the Joint Risk Management Section of the SOA/CAS/CIA for his paper "Understand ORSA Before Implementing It."

Stephen Lowe, Towers Watson
Steve Lowe is Managing Director of Towers Watson's global property and casualty insurance practice. With over 30 years in consulting, he has wide experience in virtually all aspects of insurance operations. Steve specializes in helping clients with issues relating to the interplay between risk, capital and value creation. His experience includes work with the NAIC on the initial implementation of risk-based capital; and the development of what is arguably the first functioning economic capital model, for Renaissance Re.

Steve is a BS in Mathematics from Union College, and has taken courses towards a Masters in Economics at Trinity College. His professional designations include FCAS, MAAA, and CERA. He is a two-time winner of the Michelbacher prize for papers on risk management. His most recent paper is Risk Horizon and the Measurement of General Insurance Risk.

Registration Information and Fees

Registration Fees (in U.S. Dollars)

Received on/before August 7, 2012

Received after
August 7, 2012

Individual Registration

$50

$75

Multiple Registrations
Multiple registrations must be using the same computer and telephone connection.

$250

$300

Cancellations/Refunds

Registrations fees will be refunded for cancellations received in writing at the CAS Office via fax, 703-276-3108, or email, refund@casact.org, by August 7, 2012 less a $25 processing fee.

CAS Continuing Education Policy

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. Actuarial services are defined in the CAS Code of Professional Conduct as "professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings or opinions based upon actuarial considerations". Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy. For further information regarding the CAS Continuing Education Policy, is available online.

This activity may qualify for up to 1.8 CE Credits for CAS members. Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE Credit per 50 minutes of educational session time not to include breaks or lunch.

*The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the Casualty Actuarial Society.

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