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4.2. The ORSA Repor
FINANCIAL SERVICES LEGISLATION
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INSURANCE AND REINSURANCE PRUDENTIAL RULES
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SCHEDULE 6. Prudential returns by Insurers
WORKING SCHEDULE 1 - List of Defined Terms for PINS and associated rulebooks
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4.2. The ORSA Repor

4.2.1. ORSA Report - requirements

An AIFC-Incorporated Insurer’s ORSA Report must present all of the following:

  • (a) the qualitative and quantitative results of the ORSA and the conclusions drawn by the AIFC-Incorporated Insurer from those results;
  • (b) the methods and main assumptions used in the ORSA;
  • (c) information on the AIFC-Incorporated Insurer's overall solvency needs and a comparison of those solvency needs with its capital adequacy requirements under PINS 5 (Capital adequacy requirements) and its Eligible Capital;
  • (d) qualitative and (if relevant) quantitative information on the extent to which quantifiable risks to which the AIFC-Incorporated Insurer is exposed are not reflected in the calculation of the Prescribed Capital Requirement.

4.2.2. ORSA Report – approval by the Governing Body

An ORSA Report must include a statement that the Governing Body of the AIFC-Incorporated Insurer participated in the ORSA and approved the ORSA Report.