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The NAIC?s ORSA Proposal Enhances The Focus On Insurers? ERM Practices May 11
Standard & Poors, May 2011
Abstract
A number of regulators worldwide are supporting an increased focus on enterprise risk management (ERM). The National Association of Insurance Commissioners (NAIC) is doing so through its Solvency Modernization Initiative (SMI), which it launched in 2008 to update the U.S.'s insurance solvency framework. Since 2005, Standard & Poor's Ratings Services has considered ERM in its analysis of insurance companies' creditworthiness. We believe our ERM analysis gives us a more prospective view of an insurer's risk profile and capital needs. Our ERM review is a highly tailored analytic process that recognizes each insurer's unique structure, products, mix of business, potential earnings streams, cash flows, and investment strategy and recognizes the benefits and risks of a diversified base of products, investments, and...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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