ORSA - Continuous improvement cycle | KPMG | ZA

ORSA - Continuous improvement cycle

ORSA - Continuous improvement cycle

South African insurance and reinsurance companies were expected to submit their first ever Own Risk and Solvency Assessment (“ORSA”) by the end of August 2015. This was the first compulsory call for submission by the Financial Services Board (“FSB”) and, for many insurers in South Africa, this was also the first mock ORSA cycle.

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South African insurance and reinsurance companies were expected to submit their first ever Own Riskand Solvency Assessment (“ORSA”) by the end of August 2015. This was the first compulsory call for submission by the Financial Services Board (“FSB”) and, for many insurers in South Africa, this was also the first mock ORSA cycle. For many, this first cycle took the format of compliance and few approached it from a value-add perspective. The next compulsory submission was due September 2016 with the third mock ORSA submission due in 2017, in line with the insurer’s ORSA cycle but before the calendar year is over.

This may be the last mock ORSA cycle for many, if the Solvency Assessment and Management (“SAM”) legislation is enacted in the second half of 2018, as per the latest indication from the FSB.

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