My recent article that appeared in The Edge Magazine Middle East, Qatar. In this article, I have discussed regulatory changes coming into effect from 1 January 2015. I have also written a detailed article on requirements such as ORSA and will share shortly.
In this article, I have tried to highlight the Own Risk Self-Assessment (ORSA), a new policy tool required by the IAIS and introduced by QFCRA as a requirement for insurers as part of the new PINS Rulebook. Needless to say, ORSA would have an impact on all Qatar based insurance companies at avariety of levels as it is not just a compliance requirement, but is a highly effective strategic tool. It is also a keyfeature of many global regulatory frameworks such as Solvency II in Europe.
ORSA is defined by the QFCRA rulebook as a detailed forward-looking examination of theadequacy of an insurer’s risk management policies, procedures and controls and the insurer’spresent and future solvency positions.