Wolters Kluwer Solution Addresses RMORSA Model Act Requirements
ARC Logics upgrade includes the NAIC-proposed requirements, which are set to take effect on Jan. 1, 2015.
Insurance Networking News, March 4, 2013
Wolters Kluwer Financial Services is enhancing its ARC Logics enterprise risk management (ERM) solution. The new capabilities will allow insurers to address requirements of the National Association of Insurance Commissioners’ (NAIC) proposed Risk Management and Own Risk Solvency Assessment (RMORSA) Model Act. The act takes effect Jan. 1, 2015, and is part of the insurance industry’s effort to ensure sound business practices after the financial crisis.
Wolters Kluwer says the RMORSA Model Act is intended to help ensure that U.S. insurance companies are analyzing the effectiveness of their risk management programs, as well as their overall solvency and capital requirements. It applies to insurers that write more than $500 million of annual direct written and assumed premium, or groups collectively writing more than $1 billion.
ARC Logics’ RMORSA functionality allows insurers to manage, measure and monitor enterprise risk within a holistic platform, offering a governance tool that can help insurers meet core requirements of the RMORSA Model Act, says Wolters Kluwer. It provides a centralized location to help insurance organizations control risk across multiple risk disciplines, including legal, regulatory, operational and financial, and understand how and where to deploy resources and capital.
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