OWN RISK AND Background: B ADVANCE The ORSA Model was developed by the NAIC Group Solvency Issues SOLVENCY ASSESSMENT Working Group as a required assessment the insurer makes about the adequacy of the insurer's risk management, and of current and likely future ISC Holding Company solvency position - encompassing all reasonably foreseeable and relevant Act / ORSA Corporate material risks. An insurer that is subject to the ORSA requirement will be Confidentiality expected to have a risk management framework, regularly assess the ISC Corporate adequacy of that risk management framework and the current Confidentiality Privacy: Information insurer’s prospective solvency position, internally document the process and results, Practices and provide an annual high-level summary report to the lead state regulator. SR Liaison: Walters Position: Support uniform adoption of the ORSA Model Web Keywords: confidentiality, holding company, solvency PAID LEAVE Background: B ADVANCE The Family and Medical Leave Act (FMLA), enacted in 1993, allows eligible employees to take unpaid, job-protected leave for specified family and Disability Income Disability Income medical reasons with continuation of group health insurance coverage under Insurance Compliance Insurance the same terms and conditions as if the employee had not taken leave. More Service recently, many states have begun introducing legislation creating Disability Income paid family leave programs that would provide paid benefits to OGC Liaison: Insurance: Group individuals who need to take time off work to care for a seriously ill family Clayburn member (and some for the own illness). Other states have employee’s proposals requiring employers with a minimum number of employees to offer paid sick leave. Position: Monitor bills that create family leave and paid sick leave benefits. Conditionally Oppose bills that may adversely affect an ability to insurer’s sell short-term disability products. Position: Monitor bills that allow the establishment of public employee B PENSIONS pension plans, usually as a defined contribution plan or an annuity-type product. Public Employees: Also monitor bills authorizing changes to public pension plans that may Pensions potentially affect our members who underwrite or administer the plans. Compliance Notes: Advance if impact to insurers is clarified, or if potential applicability remains as opposed to bills that specifically identify state agencies for administration of policy applications or of claims processes. Web Keywords: pension, retirement, IRA PENSIONS: Position: B Monitor: Bills that mandate auto enrollment of 401(k)s. Web Keywords: retirement, pension, state employee pension plan, IRA Pensions
OWN RISK AND SOLVENCY ASSESSMENT Corporate Confidentiality Privacy: Information Practices Background: The ORSA Model was developed by the NAIC Group Solvency Issues Working Group as a required assessment the insurer makes about the adequacy of the insurer's risk management, and of current and likely future solvency position - encompassing all reasonably foreseeable and relevant material risks. An insurer that is subject to the ORSA requirement will be expected to have a risk management framework, regularly assess the adequacy of that risk management framework and the insurer’s current prospective solvency position, internally document the process and results, and provide an annual high-level summary report to the lead state regulator. Position: Support uniform adoption of the ORSA Model Web Keywords: confidentiality, holding company, solvency B ADVANCE ISC Holding Company Act / ORSA ISC Corporate Confidentiality SR Liaison: Walters PAID LEAVE Disability Income Insurance Disability Income Insurance: Group Background: The Family and Medical Leave Act (FMLA), enacted in 1993, allows eligible employees to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave. More recently, many states have begun introducing legislation creating paid family leave programs that would provide paid benefits to individuals who need to take time off work to care for a seriously ill family member (and some for the employee’s own illness). Other states have proposals requiring employers with a minimum number of employees to offer paid sick leave. Position: Monitor bills that create family leave and paid sick leave benefits. Conditionally Oppose bills that may adversely affect an insurer’s ability to sell short-term disability products. B ADVANCE Disability Income Insurance Compliance Service OGC Liaison: Clayburn PENSIONS Public Employees: Pensions Position: Monitor bills that allow the establishment of public employee pension plans, usually as a defined contribution plan or an annuity-type product. Also monitor bills authorizing changes to public pension plans that may potentially affect our members who underwrite or administer the plans. Compliance Notes: Advance if impact to insurers is clarified, or if potential applicability remains as opposed to bills that specifically identify state agencies for administration of policy applications or of claims processes. Web Keywords: pension, retirement, IRA B PENSIONS: Pensions Position: Monitor: Bills that mandate auto enrollment of 401(k)s. Web Keywords: retirement, pension, state employee pension plan, IRA B