Qatar - ORSA.pdf
A non-technical guide to Own Risk and Solvency Assessment (ORSA) requirements for Qatar insurers. Own Risk and Solvency Assessment (ORSA) is a forward looking detailed assessment of an insurer's risk management policies, procedures and controls. It is also a company's own assessment of the insurer's current and future solvency positions. In this guide, we provide an overview of the ORSA requirement mandated in Qatar.
A non-technical guide to Own Risk and Solvency Assessment (ORSA) requirements for Qatar insurers. Own Risk and Solvency Assessment (ORSA) is a forward looking detailed assessment of an insurer's risk management policies, procedures and controls. It is also a company's own assessment of the insurer's current and future solvency positions. In this guide, we provide an overview of the ORSA requirement mandated in Qatar.
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What is <strong>ORSA</strong>?1. What is meant by “Own” in <strong>ORSA</strong>?The assessment of risk and solvency under <strong>ORSA</strong> is made by the Company itself as oppossed to any predefinedstandard. Because <strong>ORSA</strong> is a part of company’s risk management strategy, the company shouldhave regard to the other factors included in that strategy, including risk profile, tolerance and exposurewhile conducting <strong>ORSA</strong>.2. Is <strong>ORSA</strong> a management tool or supervisory tool?<strong>ORSA</strong> is both a mangement tool and a supervisory tool. In order to gain full advantage of <strong>ORSA</strong>, companiesshould embed it within the decision making procedure. It should be robust enough to provide confidence tothe Company and the Regulator that the Company has the ability to remain solvent in face of risks faced byit. <strong>ORSA</strong> should be adequately documented in order to satisfy the regulator.Tajweez Advisory CO WLL - <strong>ORSA</strong> Requirements in <strong>Qatar</strong> - Jabran Noor6
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